Iowa Home Prices Up in April

CLIVE, IA (05/14/2012)(readMedia)-- The latest report from the Iowa Association of Realtors® shows that home prices across Iowa increased in April while sales inched up.

According to IAR's April 2012 Housing Trends Report, home prices increased by 8.2 percent from last year at this time. The median sale price was $124,375 in 2012 and $115,000 in 2011.

Twenty-eight of Iowa's forty-four local Realtor® boards reported increases in median sale price from last year.

The number of sales also increased slightly statewide, rising 0.9 percent from last April. The report indicates a total of 2,606 homes sold/closed in April 2012, while 2,584 homes sold/closed in April of 2011. Twenty-one local Realtor® boards reported increases in number of homes sold.

Days on the market held fairly steady, up just 1 day from last year. The average number of days on the market in April was 112 days, up 0.9 percent from last April. Eighteen local Realtor® boards reported a decrease in the average number of days on the market.

In addition, there were 3,179 pending sales in April 2012, up 8.9 percent from last year when there were 2,920 pending sales in the state. New active listings decreased by 1 percent. There were 5,672 new active listings in April 2012 and 5,729 new active listings in April 2011.

The statewide inventory of homes on the market at the end of the month was 21,061, down 9.8 percent from last April when the inventory was 23,352 homes.

April continued the trend of positive activity, says Dale Gross, president of the Iowa Association of Realtors®. "We have seen a string of months of strong sales activity and improved prices; and our quarterly data shows good news for the Iowa market as well," says Gross.

IAR reports the number of sales, average sale price, and median sale price were all up in Quarter 1 (Q1) 2012 when compared to Q1 2011. "There was an 18.2 percent increase in sales from Q1 2011 to Q1 2012," says Gross. "In addition, this past quarter was the strongest first quarter we've had in homes sold/closed since 2007," he states. Homes sold/closed were 6,208 in Q1 2012 and 7,042 in Q1 2007.

The information used to create the IAR April 2012 Housing Trends Report was current as of May 10 at 4:00 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.

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.