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November home sales down, but prices up

(Radio Iowa) – Home prices in Iowa were up, but overall sales were down in November, compared to a year ago. That’s according to a new report from the Iowa Association of Realtors. The incoming IAR president for 2014, Kathy Miller of Sioux City, says the average sale price of an Iowa home increased four-percent to $153,683 last month.

The median sale price was also up four-percent, growing from $125,000 in November 2012 to $130,000 this November. The total home sales dipped only slightly, with 2,749 homes sold this November compared to 2,795 in 2012. In addition to the rising prices, sellers are also benefiting from a drop in the “days on the market” figure or DOM.

In November 2012, the DOM was 101, while this year the report shows just 81 DOM, a decrease of nearly 20-percent. Miller says it’s still an excellent time for buying a home, as interest rates are averaging around 4.25-percent. “What I’m seeing…is lower days on the market, low interest rates, and positive growth in prices. It’s a strong housing market for both buyers and sellers,” Miller says. In terms of year-to-date, home sales in Iowa have increased 7.7 percent this year over last.