Home sales in Iowa decreased last month by 9.2 percent compared to August 2013, according to a new report from the Iowa Association of Realtors. IAR President Kathy Miller isn’t entirely sure why home sales dropped off so significantly, but she says the start of a new school year may offer some explanation.
“The market slows down a little bit because everybody wants to be settled when the kids go to school,” Miller says. “{eople are still buying, it’s just a little bit slower.” The report shows 3,685 homes were sold in August 2014, while 4,059 homes were sold in August 2013.
Miller also credits a low inventory, combined with buyers who are waiting for the right home. “We are still selling homes, it just hasn’t been what it was in the past,” Miller says. “I think buyers are more choosy with what they’re going to buy and that’s just the way it’s going to be.”
While home sales decreased, prices increased by 4.7 percent over the one-year period. The average price of a home sold in Iowa last month was $168,316. That compared to $160,688 in August of 2013. The IAR report found that average home sold in Iowa last month spent 79 days on the market, up from 78 days compared to a year ago.
