The Iowa Association of REALTORS says the Iowa housing market showed typical signs of a dwindling summer as Iowans settled into their homes for the beginning of the new school year. Anticipated drops in interest rates, coupled with increased inventory, outweigh slight dips in metrics tracked by the association.
Inventory of homes for sale continued to increase in August, allowing buyers a more robust market to investigate with their REALTORS. Overall inventory jumped 23-point-2 percent in August with 8,240 homes on the market compared to the 6,686 homes listed at the same time last year. Monthly, the jump was 6-point-7 percent from the 7,721 homes listed on the market in July.
Home sales saw a 6-point-5 percent decline with 3,169 homes sold in August compared to the 3,391 homes sold one year ago. Days on the market jumped 17-point-6 percent to 40 days compared to the 34 days last year. And the median sales price jumped 5-point-5 percent to $286,714.
