Iowa Home Sales and Prices Up Again in June

CLIVE, IA (07/12/2012)(readMedia)-- The Iowa Association of Realtors® announces that home sales and prices in Iowa were up again in June.

According to IAR's June 2012 Housing Trends Report, home sales were up by 13.1 percent. The report shows 3,940 homes sold/closed in June 2012, while 3,485 homes sold/closed in June 2011.

Median and average sale prices throughout the state were both up as well. The median sale price in Iowa increased by 3.5 percent while the average sale price jumped 6.8 percent. The median sale price was $139,743 in June 2012 and $135,000 in June 2011. The average sale price was $162,402 in June 2012 and $152,013 in June 2011.

Iowa's statewide inventory of homes on the market at the end of the month was 21,630, down 13.2 percent from last year when the inventory included 24,915 homes. New active listings decreased by 6.8 percent. There were 5,139 new active listings in May 2012 and 5,513 new active listings in June 2011. Pending sales increased by 2.5 percent. There were 3,398 pending sales in June 2012 and 3,314 pending sales in June 2011.

Our reports continue to show that sales have remained steady, says Dale Gross, president of the Iowa Association of Realtors®. "The number of sales continues to increase year-over-year, as well as month-over-month. Right now the market is healthy at roughly a 7-month supply of inventory (MSI). This MSI indicates a nearly balanced buyer/seller market, offering opportunities for parties on both sides of the sales transaction."

June pricing was also solid, says Gross. "In fact, both May and June prices this year even beat prices from 2007, before the economic uncertainty began. According to our data, the average sale price of $162,402 in June set a new all-time high for statewide average sale price." This number indicates a 4.8 percent increase from the previous all-time high of $154,929, which was set in June of 2008, states Gross.

"The second quarter of 2012 had record-breaking numbers as well, "continues Gross. When compared to the second quarter of 2011, the second quarter of 2012 showed increases in numerous areas. Areas of note include: closed sales were up by 12.2 percent; average sale price was by up 8.2 percent; median sale price was up by 5.6 percent; and average days on the market was down by 4.7 percent.

Twenty-six of the forty-four local Realtor® boards across the state reported an increase in sales Thirty-four local Realtor® boards reported increases in median sale price and 21 boards had decreases in days on the market.

The data used to create the IAR June 2012 Housing Trends Report was current as of July 11 at 10:00 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.