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(Des Moines, IA) -- Rising mortgage rates and low inventory are blamed for a drop in home sales in the Des Moines area. The Des Moines Area Association of Realtors says sales were down 11.6 percent last year. That compares to record-high home sales activity several years leading up to 2022. The median sale price rose by 8% to $270,000. The realtors say 74-percent of homes selling last year were priced between $140-thousand to 400-thousand. One hundred thirty-one properties sold for more than $1 million dollars.
Realtors tell WHO Radio News that 2022 started off very strong, but as interest rates rose, the market cooled somewhat. “The end of the year showed signs of correction likely due to slightly higher interest rate and still low inventory,” says 2022 President Jen Stanbrough.
2022 average days on the market were 34.5 compared to 2021 at 33.8.