Iowa Home Sales and Prices Up Again in October

CLIVE, IA (11/15/2012)(readMedia)-- The Iowa Association of REALTORS® (IAR) reported today that October home sales and prices were up again compared to the same month last year, illustrating consumer confidence in the housing market.

Sales jumped 13.3 percent in October, showing significant increased activity. According to IAR's 2012 October Housing Trends Report, 2,998 homes sold/closed in October 2012, and 2,646 homes sold/closed in October 2011. Thirty of the 44 local Realtor® boards across Iowa reported increases in number of sales.

Prices were up as well, as the median sale price rose 5.4 percent from last year. The median sale price was $126,500 in October 2012 and $120,000 in October 2011. Twenty-eight local Realtor® boards had increases in median sale price.

"October was a great month for sales and prices, showing a nice rebound from the slight slowdown in September," says Don Marple, president of the Iowa Association of Realtors®. "Sales, pending sales, and median sales price were all up in the 3rd quarter. It appears as if the 4th quarter is off to a strong start as well. At this rate, we are on track to end the year ahead of 2011."

Pending sales were up by 11.9 percent. There were 2,850 pending sales this October, and 2,546 pending sales last October. The inventory of homes on the market continued to decrease, down 11.1 percent from last year. There were 20,303 homes on the market at the end of October and 22,835 homes on the market at the end of last October. The month's supply of inventory fell to 7 months, indicating a more evenly balanced buyer/seller marketplace.

Days on the market also continued to drop by 5.9 percent or 6 days. The average number of days on the market in October 2012 was 96 days, while the average in October 2011 was 102 days. Thirty-one local boards showed decreases in days on the market.

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. Realtors® are the number one voice for real estate and defenders of home ownership. To find a local Realtor® visit SeeIowaHomes.com.

The information used to create the IAR October 2012 Housing Trends Report was current as of Nov 14 at 1:00 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.