Housing Market Going Strong in Iowa, Sales Up More Than 15 Percent

CLIVE, IA (09/10/2012)(readMedia)-- The Iowa housing market is going strong, reports the Iowa Association of Realtors® (IAR). IAR's August 2012 Housing Trends Report shows that home sales were up by 15.5 percent from last year, and prices were up by 3.8 percent.

IAR reports that a total of 3,602 homes sold/closed in August 2012, while 3,119 homes sold/closed in August 2011. Thirty-two of Iowa's 44 local Realtor® boards across the state reported increases in number of sales last month. Pending sales were also up by 2.4 percent. There were 3,221 pending sales in August 2012 and 3,146 pending sales in August 2011.

Median and average sale prices also increased. The median sale price in Iowa was up by 3.8 percent while the average sale price was up by 3.4 percent. The median sale price was $129,700 in August 2012 and $125,000 last year at this time. Twenty-five local Realtor® boards reported increases in median sale price.

The statewide inventory was 21,416, down 14.5 percent from last year when the inventory was 25,055. New active listings increased by 4.5 percent. There were 5,275 new active listings in August 2012 and 5,048 new active listings in August 2011.

Days on the market dropped under 100 days. The average number of days on the market in August was 98 days, down 4 days or 3.9 percent from last August. Twenty-five local Realtor® boards reported a decrease in the average number of days on the market.

"We are pleased to see continued strong sales activity in the Iowa market," says Dale Gross, president of the Iowa Association of Realtors®. "The housing market has led the nation out of recession in the past and is paving the way to do it again. According to the National Association of Realtors®, nationally, the first half of 2012 was the strongest first half of sales in the last five years. Our data shows the same here in the Iowa – with 2012 year-to-date sales the highest since 2007."

The information used to create the IAR August 2012 Housing Trends Report was current as of Sept. 10 at 1:30 p.m. The information is subject to change due to the dynamic nature of the IAR's housing statistics system, which is updated hourly based on information present in local participating MLS (multiple listing service) systems. Cherokee data is now reported as part of the Storm Lake MLS.

The IAR releases a Housing Trends Report each month. Data is collected from local Realtor® boards through their multiple listing service (MLS), which tracks sales activities in the board area. The IAR compiles all of the local board data into the statewide report each month. Reports are available online to IAR members and affiliates with a login and password. Anyone is eligible to become an IAR affiliate. For membership information, visit www.iowarealtors.com.

The term Realtor® is a registered trademark, which identifies real estate professionals who follow a strict code of ethics as members of the National Association of Realtors®. The Iowa Association of Realtors® is the state's largest real estate professional organization representing nearly 6,200 members and affiliates.