Photo: PATRICK T. FALLON / AFP / Getty Images
(Des Moines, IA) -- There were 4,000 homes up for sale in the Des Moines metro in July, which is up 20 % compared to a year ago.
Eric Webster of the Des Moines Area Association of Realtors says buyers have a lot more negotiating power and choices with the increased inventory. And he says it's a sign of a healthy economy.
Webster compares it to the housing market during the pandemic, when inventory was low and it was difficult for buyers to acquire a home. "Interest rates plummeted and there was a feeding frenzy to purchase a home. And prices just doubled and tripled and skyrocketed. And it was a sellers market."
Now he says the housing market is more balanced.
Home sales in the metro were down slightly at one-and-half percent last month and time on the market was 54 days, a slight increase compared to July of 2024.
Webster says the median cost of a home in the Des Moines metro last month was $300,000.