Iowa Home Sales Slowed in October, Prices Remained Even

CLIVE, IA (11/12/2010)(readMedia)-- Home sales across the state slowed in October, while prices remained even, reports the Iowa Association of REALTORS®.

The IAR's 2010 October Housing Trends Report shows the number of homes sold across the state in October was down 28.9 percent from last year. A total of 2,127 homes sold in October 2010, while 2,992 homes sold in October 2009.

The statewide average sale price remained relatively even from last year, up 0.4 percent from October 2009. The average sale price of homes in Iowa was $136,682 in October 2010, and $136,146 in October 2009.

"We've seen activity taper off slightly this fall, as it's taking a little while for the market to even out following high activity earlier in the year," says Kurt Schade, president of the IAR. "Despite some of the current challenges in the market today, there are still some good opportunities as well, including record low mortgage rates, many homes on the market and steady prices," explains Schade.

Despite the statewide dip, there are pockets of the state where sales and prices are strong. Several boards reported increases in both number of sales and average sale price from last year at this time, including Clear Lake Board of REALTORS®, English River/Washington MLS, Fairfield MLS, North Central Iowa Board of RELATORS® and Storm Lake MLS.

A total of 11 boards reported increases in the number of homes sold from last October, and 20 boards reported increases in average sale price. Twenty boards reported decreases in days on the market as well.

The information used to create the October 2010 Housing Trends report was current as of November 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. Boards not yet reflected in the statewide statistics include Burlington and Ft. Dodge.

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 more than 6,700 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.

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