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(Des Moines, IA) -- Home sales in the Des Moines area are slowing a bit. Sales dipped 3.5% in June compared to last year. The Des Moines Association of Realtors says the median sale price, of $283,500, is 11% higher than a year ago. The realtors say nearly 17-hundred homes sold last month.
Nationally, a lot of would-be homebuyers are sitting on the sidelines. The Mortgage Bankers Association reports applications for loans to buy homes fell 4% last week and are down 18% compared to this time last year. Applications to refinance existing mortgages inched up 2% last week but are 80% lower than last year. The national average interest rate for a 30-year fixed-rate mortgage is unchanged at 5.74%.