Home sales and prices increased in Iowa from May to June. “We are seeing some average sales price increases and a number of closing increases, which indicates buyers have been and still are out taking advantage of low interest rates and very attractive home prices,” according to Kurt Schade, president of the Iowa Association of Realtors.
The total number of homes sold across Iowa last month was 3,292 — a 12% increase from May. The average sales price in June was $151,951 — up from $141,185 in May. Schade says more homes were sold in June than anytime since June of 2010.
“We don’t have the surplus of inventory that we experienced the last few years,” Schade said. “We’re getting back to a balanced market where sellers can have expectations, are receiving offers and have the ability to negotiate with potential buyers. Buyers can appreciate the ability to still own a home and get the advantages of home ownership – tax deductions, etcetera.”
Schade says he’s concerned that proposed legislation in Congress will make home ownership more challenging. “If any of those (pieces of legislation) were passed in any form, it could have devastating effects to the value of residential real estate across the nation. That would spell disaster for any and all types of recovery that we’re currently experiencing,” Schade said.