Homes are selling faster in Iowa than any point in the last three years. That’s according to a report released Tuesday by the Iowa Association of Realtors (IAR).
IAR president Jon Yocum says the report, covering activity in the month of May, outlines several positive developments in the state’s housing market.
“First off, our days on the market has dropped considerably from a year ago, so that means houses are hitting the market and moving much faster,” Yocum says. “Sales are up 7.3 percent over a year ago, so that means more homes are being sold.”
Homes sold in Iowa last month, on average, were on the market for 75 days. That compares to 90 days one year ago. A total of 4,134 homes were sold in Iowa last month as compared to 3,853 homes that sold in May 2014. Yocum gives credit to low interest rates and programs offered in the state to help home buyers.
“The Iowa Finance Authority has come out with a couple of new summer programs…with some more money to help buyers with down payment and closing costs, especially if you’re a first-time buyer,” Yocum says. The report also shows the median sale price of homes sold in Iowa rose just over 4 percent. In May 2014, the median sale price was $137,500 while the median price last month was $142,450.