The number of homes sold in Iowa dropped in the last year, along with the average sales price. According to figures compiled by the Iowa Association of Realtors , 1,119 homes were sold in the state in December of 2008. That compares to 2,152 homes sold in December of 2007.
I-A-R president Terry Knapp of Sioux City says, over that same period, the average sales price for a home in Iowa dropped from $144,129 in December 2007 to $140,900 in December 2008. "Our average sales price was down two-percent, but our number of sales was down 11-percent," Knapp said.
He describes the housing market in Iowa as "stable," considering the sour economy and severe weather. Iowa has not experienced nearly as many home foreclosures compared to the rest of the country. Knapp is optimistic about the future. "We do think that the foreclosures…that they’re getting pretty well weeded-out, so we expect the market to continue strong and to be stable, if not increase just a bit," Knapp said.
The realtors organization reports that nearly 95% of the homes in Iowa are selling within 180 days of being placed on the market. Nearly 22% of the homes are selling within 30 days.