Home sales continue to climb in Iowa. Dale Gross is president of the Iowa Association of Realtors (IAR), which is reporting an increase in home sales from October to November. “This is the fourth month in a row that we’ve seen that happen,” Gross said.
Home sales last month increased by 12.2% compared to November of 2010 with 261 more sales. The IAR reported 2,395 homes sold last month.
Prices in November held steady compared to the previous year. “In November 2011, we were at $138,800 as the average sale price of a home in Iowa. That’s compared to a price that was only $900 above that last year. So, it’s not down a whole lot,” Gross said. He attributed the uptick in sales to the strong farm economy and low interest rates around 4%.
Gross said home sales typically decline during the winter months of December, January and February – making it a good time to buy. “The sellers are anxious because they want to get the house sold. They don’t want to heat it anymore and want to make a deal,” Gross explained. “If someone is thinking of home ownership, with the low interest rates, this is the time to get off the couch and get out there and find something to buy.”
The IAR report shows statewide home inventory at the end of November was 21,431, which included 3,112 new active residential listings. The average days on the market in November was 109 days, up three days compared to November 2010.