Iowa Home Sales and Prices Continued to Increase in May
CLIVE, IA (06/08/2012)(readMedia)-- The Iowa Association of Realtors® reports that both home sales and prices in Iowa were up again in May.
IAR's May 2012 Housing Trends Report shows home sales increased by 13.9 percent from last year at this time. A total of 3,418 homes sold/closed in May 2012, while 3,001 homes sold/closed in May 2011. Twenty-nine of the forty-four local Realtor® boards across the state reported an increase in sales.
The median sale price in May 2012 was $130,000, up 7.2 percent from last May when the median sale price was $121,250. Twenty-eight local Realtor® boards reported increases in median sale price.
Days on the market were down 3 days from last May and 9 days from April. The average number of days on the market in May was 102 days, a 2.9 percent decrease from May 2011. Twenty local Realtor® boards reported a decrease in the average number of days on the market.
Pending sales were up by 11.5 percent. There were 3,485 pending sales in May 2012 and 3,125 pending sales in May 2011. New active listings decreased by 3.5 percent. There were 5,380 new active listings in May 2012 and 5,573 new active listings in May 2011.
The statewide inventory of homes on the market at the end of the month was 21,259, down 12.9 percent from last May when the inventory was 24,394 homes.
"May joined the series of numerous months of strong sales and prices," says Dale Gross, president of the Iowa Association of Realtors®. "It appears that people are taking advantage of the low interest rates and good prices and making a move, which ultimately means great news for the housing market here in Iowa," says Gross.
"On the whole, 2012 is off to a very solid start," says Gross. "More than 12,300 homes have been sold in Iowa through the end of May, up more than 1,500 homes from last year at this time." Gross adds that June is National Home Ownership Month, and encourages Iowans interested in owning a home to contact a local Realtor® to get started working on their homeownership goal.
The data used to create the IAR April 2012 Housing Trends Report was current as of June 8 at 9:00 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.