Iowa Home Sales and Prices Up Again in November

CLIVE, IA (12/13/2012)(readMedia)-- The Iowa Association of Realtors® (IAR) reports that home sales and prices across Iowa were up again in November.

IAR's 2012 November Housing Trends Report shows the number of home sales in November increased by 8.2 percent, with 204 more sales last month than last November. IAR reports 2,683 homes sold/closed in November 2012, and 2,479 homes sold/closed in November 2011. Twenty-six of the 44 local Realtor® boards across Iowa reported increases in the number of sales.

Prices were also up last month. The median sale price in November was up $6,100, representing a 5.1 percent increase from last year. The median sale price in November 2012 was $125,000, while the median sale price in November 2011 was $118,900. Thirty-two local boards showed increases in median sale price. Average sale price also jumped 8 percent from $137,256 in November 2011 to $148,305 in November 2012.

According to the IAR, the number of active residential listings at the end of November was 19,084, which includes 3,195 new active residential listings. This reflects an 11 percent decrease since last November when inventory was 21,431.

The average days on the market in November was 98 days, down 8 days or 7.5 percent from November 2011 when the average was 106 days. Twenty-seven local boards reported decreased days on the market.

"Inventory has continued to slowly decline," says Don Marple, president of the Iowa Association of Realtors®. "Prices confirm this trend of a drop in inventory as median prices have increased more than 5 percent from this time last year. Overall statewide we are in a balanced buyer/seller marketplace."

Marple adds that nearly 75 IAR leaders met with Realtors® from across the nation last month at the National Association of Realtors® (NAR) annual conference in Orlando, Florida. "One of the main topics was the Mortgage Interest Deduction (MID)," he says. "Realtors® here in Iowa and across America are currently reminding Congress that the MID is important for homeowners and is critical for the recovering housing market across the nation," explains Marple. "As defenders of home ownership, Realtors® will continue to fight to ensure that the MID remains in place and unchanged, and that homeownership is an opportunity available to many generations of Americans."

All real estate is local. IAR encourages interested buyers and sellers to contact a local Realtor® for more information on the market in their community. To find a local Realtor® visit SeeIowaHomes.com. 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. The information used to create the IAR November 2012 Housing Trends Report was current as of December 11 at 10:30 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 systems. Contact your local board of Realtors® for more specific local data. 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.