Iowa Housing Prices Rebound Slightly in September

CLIVE, IA (10/19/2010)(readMedia)-- The most recent housing statistics from the Iowa Association of REALTORS® (IAR) reveal the average sale price of homes rebounded slightly across the state last month.

According to IAR's Sept. 2010 Housing Trends Report, the average sale price statewide increased by 8.7 percent from last year at this time, and 3.1 percent from last month.

The average sale price of homes in September was $147,949. Aside from a short spike in June of this year, the average sale price has not been this high since July of 2009. Comparatively, the average sale price was $136,115 in Sept. 2009 and $143,507 in August 2010.

Prices have rebounded slightly over the past few months, which is unusual at this time of year as the peak selling season winds down, says Dave Bert, CEO of the Iowa Association of REALTORS®. "It is great to see that Iowa homes are still holding their value, and the current high inventory levels offer lots of choices for buyers," says Bert.

IAR reports the number of homes sold in Sept. was down 27.2 percent from last year and 3.1 percent from August. "We may still be feeling the effects of the Homebuyer Tax Credit, which was in full swing last September," says Bert. "However, we are still on target for the year," explains Bert, who says that year-to-date data indicates 2010 is nearly equal to 2009 in both sales activity and prices.

Average days on the market in Sept. was 98 days, representing a 2-day decrease from Sept. of 2009, and holding steady to August 2010.

Thirty-two of Iowa's 44 local boards reported increases in the average sale price of homes from last Sept. In addition, eight boards reported increases in the number of sales and 22 boards reported decreases in the number of days on the market compared to last year.

Although the economy has presented some challenges recently, the IAR stresses that if you have a job and good credit, it is still a great time to pursue your dream of homeownership. "Inventory is high and interest rates are at record lows – they've never been this low, ever – which can translate into savings for buyers," says Bert.

The information used to create the Sept. 2010 Housing Trends report was current as of Oct. 12 at 2:00 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.