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(Des Moines, IA) -- Iowa home sales are starting to perk up from a seasonal slow-down. Realtors are reporting a one-percent increase in sales last month, compared to a year ago. The median sales price rose nearly 12-percent to $218,000 for single family homes.
“The unseasonably warm temperatures in February, coupled with the falling interest rates we witnessed late in 2023, ushered in an equally surprising boom to the typically slower winter housing market across the state of Iowa,” Shaner Magalhães, IAR president, said. "As we prepare for even warmer temperatures and the traditionally busier spring buying and selling months, Iowans considering jumping into the housing market should begin by finding a trusted REALTOR® in their area.”
In February, 1,731 homes sold compared to the 1,712 sold in February 2023. Monthly metrics were similar, seeing a 2.7% increase compared to the 1,685 homes sold in January.
Pending sales rose nearly 7% with 2,463 pending sales recorded compared to the 2,303 of one year ago.
The IAR reports the number of new homes going on the market rose 28%
“Our optimism for the 2024 housing market is proving to be well-warranted as we begin to prepare for the spring buying and selling months,” Les Sulgrove, statewide housing analyst, said. “The market continues to show bright spots, and we anticipate more buyers and sellers will be contacting their REALTORS® as they consider their next housing move.”
The IAR reports days on the market also saw an increase of 7.7% from 52 days in February 2023 to 56 last month.