The Iowa Association of Realtors reports that home sales increased just over 14% in May and the average sale price for homes was up 6.4%. Association president, Kurt Schade of Des Moines, says it’s good to see the numbers go up.
He says all real estate is local, but they see some positive trends across the state in sales prices and the number of sales. The association reported 2,873 homes sold in May compared to 2,519 in April. The average sale price of homes was 141,942 in May, compared to 133,418 in April. Schade says sales generally start moving up this time of year.
He says they had good weather in May and the pool of buyers was up as people like to move once school is out. Schade says the upward trend could continue if the market conditions don’t change. Schade says if there is not any other action by the federal government that prevents people from getting loans, they believe buyers are looking to buy homes at prices comparable to the early 2000’s with low interest rates.
Schade says the state has been lucky to avoid the major ups and downs that have plagued other states. He says Iowa is a conservative state and that has shown in the housing market with no “significant appreciation” and also haven’t seen the devaluation that other states have seen recently.
Twenty-three of Iowa’s 44 local boards reported increases in average sale price, while nine boards had increases in the number of sales from May 2010. Nineteen boards showed a decrease in the average number of days on the market.