(Des Moines, IA) -- Home sales in Des Moines softened in September, even amidst a half-percentage interest rate cut. Last month's 973 home sales in the metro was a dip from August, which had 1,182 closings. That's also down from September of 2023, which had 1,086.
"If you're a seller out there today, you're probably seeing what many of the other sellers are seeing, and that is a little bit longer days on market," said Erika Hansen, with the Des Moines Area Association of Realtors. "We're definitely not where we were a couple of years ago where things sold in hours with multiple offers, we're seeing probably a couple of weeks to maybe even a month, month and a half on the market."
The median sale price in the metro fell just over three quarters of a percent in September, bringing the new median sale price to $290,000 compared to August’s $291,000.
The median sale price did not change from last year.
Hansen says buyers who want to be a new home by Thanksgiving, Christmas, or the New Year, have time right now to do so.