Iowa Housing Prices Increased Slightly, Sales Slowed in November

CLIVE, IA (12/21/2010)(readMedia)-- Home prices across the state increased slightly in November, while number of sales slowed, reports the Iowa Association of REALTORS® (IAR).

According to IAR's November 2010 Housing Trends Report, the average sale price statewide increased by 2.8 percent from last year. The average price of homes in Iowa was $141,342 in November 2010 and $137,454 last November.

The number of homes sold across the state in November was down 33.2 percent from last year. IAR reports 2,039 homes sold this November and 3,054 homes sold in November 2009. Average days on the market last month were 109 days, up 12 days from last year at this time.

Although sales are down, pending listings are similar to last year, down just 3.6 percent. There were 1,874 pending listings in November 2010 and 1,944 in November 2009. Pending listings are listings that are under contract with a buyer, but are not yet closed or completed sales. IAR data indicates that more than 95 percent of reported pending contracts become closed sales. Therefore, pending listings is a good indicator of the future sales level in the next 30-60 days.

"It appears that buyers' concern about the economy and job security continues to influence home sales," says Kurt Schade, president of the IAR. "However, REALTORS® reported increases in calls and activities since the election. We believe sales activity will eventually follow after the holidays," explains Schade. He adds that buyers who were waiting for the best deal may want to take action soon, as interest rates are starting to inch up and prices are stabilizing.

Twenty-two of Iowa's 44 local boards reported increases in the average sale price of homes from last November. In addition, eight boards reported increases in the number of sales and 16 boards reported decreases in the number of days on the market compared to last year.

The information used to create the November 2010 Housing Trends report was current as of Dec. 15 at 4:00 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. Boards not yet reflected in the statewide statistics include Burlington and Ft. Dodge.

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 more than 7,000 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.