(Undated) Home sales in Iowa were up nearly 18-percent in October, compared to a year ago. The Iowa Association of Realtors says pending sales were up 16-percent over last year.
The organization says 4,493 homes sold in the month of October compared to only 3,810 in October of last year. Home sales are up 7.4 percent so far this year in comparison to the first ten months of 2019. A total of 38,391 homes have been sold this year.
"We had a great October with a high number of sales and a lot of properties now pending for a future sale. Homes that are priced right are selling very fast. In this fast-paced market, we encourage buyers to make sure they have their finances in order and work with a Realtor to help you through possible competing offers on each home. We encourage potential sellers to work with a Realtor to make sure your home is priced right and ready to sell. The lack of homes available is a challenge for several price ranges. Iowa along with most of the country is concerned with a low number of homes for sale," stated IAR President Jen Burkamper.
Burkamper credits continued low interest rates for the strong market, and she expects business to continue to be brisk even during the winter months and into next year.
The realtors say homes sold very quickly in October with an average of 50 days on market. The last time homes sold this fast was the summer of 2018.
The median sales price rose 14.8 percent with $185,000 last month compared to $161,125 in October 2019.
The realtors say the number of homes available on the market continues to be tight in many price ranges. Inventory of homes dropped 34.9 percent when compared to October of last year.