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(Des Moines, IA) -- Home sales in the Des Moines area are down nearly 30 percent over last year. Realtors say 1,083 homes sold last month. There has been a 33-percent increase in homes for sale, more than 29 hundred homes are on the market in the Des Moines area.
The median sale price remained on pace with a slight 1% uptick when compared to October of 2021. $262,500 was the median sale price in October 2022. The average days on market calculated to 34 days.
782 properties or 72% of sold properties were financed conventionally. Cash purchases amounted to 12.7% of the sold properties.9.2% of sold homes were financed with an FHA Loan.
“The increase of available homes on the market is giving our buyer many more choices, as well as a bit of time to breathe during their home search. The leveling of home prices is great news for buyers right now while sellers are still able to realize great values while selling. Homes that are priced right are still selling quick - in just over a month. While the market is cooling off a bit, we expected this trend due with interest rates ticking up a bit & current economic trends. However, remember what we were seeing over the spring & summer months was not a typical market.
In addition, we are seeing lenders offering many financing options such as rate buydowns, adjustable rate mortgages and more which are allowing buyers to get into the homes they desire at payments they feel comfortable with. We encourage anyone looking to buy or sell a home to work in an experienced Realtor® to guide you through this unique market,” stated President Jen Stanbrough.