Iowa Home Prices Up While Sales Down in September

CLIVE, IA (10/16/2012)(readMedia)-- Prices were up while home sales were down throughout Iowa in September, according to the Iowa Association of Realtors® (IAR).

The IAR's 2012 September Housing Trends Report shows the median sale price was up 5.8 percent from last September. The median sale price was $127,000 in September 2012 and $120,000 in September 2011. Twenty-three of Iowa's 44 local Realtor® boards across the state reported increases in median sale price.

The total number of homes sold in September decreased by 11.2 percent from last year at this time. IAR reports that 2,671 homes sold/closed in September 2012, while 3,007 homes sold/closed in September 2011. Sixteen local Realtor® boards reported increases in number of sales.

"Prior to this, sales had been up for many months in a row. Although September sales dipped some, overall 2012 year-to-date sales are still up by 11.6 percent," says Dale Gross, president of the Iowa Association of Realtors®. "We'll have to wait until October numbers are in to see if September was just a small bump in the road or the beginning of a slowing of the market." A total of 26,438 homes have sold so far in 2012, while 23,691 homes had sold by this time in 2011. Thirty-eight local boards show increases in year-to-date sales.

"Days on the market continued to drop, which is good news for sellers," says Gross. The average number of days on the market in September was 92 days, down 8 days or 8 percent from last year. Twenty-seven local Realtor® boards reported a decrease in the average number of days on the market.

The statewide inventory of homes on the market was down 14.2 percent from last year. There were 20,982 homes on the market at the end of September and 24,464 homes on the market at the end of last September.

"September marked the end of the third quarter, which looked pretty good overall as well," adds Gross. IAR reports the number of sales and median sale price were both up in Quarter 3 (Q3) 2012 when compared to Q3 2011.

There was a 4 percent increase in the median sale price from Q3 2011 to Q3 2012. The median sale price in Q3 2011 was $125,000 while the median sale price in Q3 2012 was $130,000. Sales were up by 4.8 percent for the quarter, as 9,400 homes sold/closed in Q3 2011 and 9,853 homes sold/closed in Q3 2012.

All real estate is local. IAR encourages interested buyers and sellers to contact a local Realtor® for more information on the market in their community. Realtors® are the number one voice for real estate and defenders of home ownership. To find a local Realtor® visit SeeIowaHomes.com.

The information used to create the IAR September 2012 Housing Trends Report was current as of October 11 at 10:30 a.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.

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. 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.