WASHINGTON, D.C. – June 17, 2015 – (RealEstateRama) — Sale prices and number of homes sold continue their upward trend. Homes are selling faster than any point in the last 3 years according to the Iowa Association of REALTORS® (IAR).
Homes continue to sell very quickly as days on market fell to 75 days as compared to 90 days at this time last year. This is the lowest number of days on market in the last 3 years.
Sales increased 7.3 percent from a year ago. 4,134 homes were sold last month as compared to 3,853 homes that sold in May 2014. Active listings were down 3.4 percent and Pending listings were up 5.7% when compared to last May.
Listing Activity May 15
The report shows that median sale price rose 4.1 percent. In May 2014 the median sale price was $137,500 while the median price last month was $142,450.
Price chart May 15
“It has been a busy spring in most areas of Iowa. Inventory is up only slightly from last year. However inventory is up 3.2% from last month. Many Realtors® in Iowa wish there were more homes for their buyers to consider. With some economic forecasts predicting a slow rise in interest rates, now is a great time for potential sellers to put their home on the market,” says Jon Yocum, President of the IAR.
The information used to create the IAR 2015 May Housing Trends Report was current as of June 16 at 7:45 a.m. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is updated hourly based on information present in local participating MLS (multiple listing service) systems.