Iowa Home Sales and Prices Continued to Rise in July

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June and July 2013 recorded the two highest average and median sales price figures ever recorded by IAR. Also, the percent of listing price received at sale (SP/LP) was above 96 percent.

CLIVE, IA (08/14/2013)(readMedia)-- Home sales and prices continued to increase substantially in July, according to the Iowa Association of Realtors®.

IAR's July 2013 Housing Trends Report shows that sales were up 18.3 percent from a year ago, and year-to-date (YTD) sales were also up by more than 8 percent. Throughout Iowa 4,074 homes sold/closed in July 2013, and 3,444 homes sold/closed in July of last year.

July prices were up nearly 11 percent and YTD prices were up more than 5 percent. The average sale price in Iowa rose by 10.8 percent, while the median sale price increased by 7.1 percent. The average sale price was $168,823 in July, and $152,361 last July. The median sale price was $142,700 in July 2013, and $133,250 in July 2012.

"June and July 2013 recorded the two highest average and median sales price figures ever recorded by IAR since it began the current data tracking system in 2005," says Don Marple, president of the Iowa Association of Realtors®.

There was a significant decrease in average days on the market, down nearly 20 percent from last year, putting the average under 90 days. "This is the lowest average number of days on the market since the summer of 2005 – and that means properties are moving fast," shares Marple.

Inventory is still tight at just over 6 months of supply. In many areas inventory is even lower, providing greater advantage to sellers, adds Marple. At the end of July there were 19,622 homes for sale across the state, down 8 percent from last year when the inventory was 21,332.

The percent of original sale price received at sale (sale price to list price ratio) is an indication of the tight housing supply, as sellers in July received an average of 96.2 percent of the asking price at the time of sale. "This means that the accepted price was within 3.8 percent of the original asking price," explains Marple. "The percent of list price received at sale has not been consistently above 96 percent since the summer of 2007," he adds.

New active listings were up by 14.7 percent, climbing from 4,985 in July 2012, to 5,717 in July 2013. Pending sales also remained ahead of last year, hinting at continued strong sales activity in the next couple of months, says Marple. Pending sales were up by 3.7 percent. There were 3,546 pending sales in July, and 3,420 pending sales last July.

The data used to create the IAR July 2013 Housing Trends Report was current as of August 12 at 3:00 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.