home-sales-001-300x225A new report from the Iowa Association of Realtors (IAR) shows the median sale price of a home sold in Iowa last month was $145,000. That’s up by 5.1 percent compared to a year ago.

IAR president Cindy Miller says it’s a seller’s market at the moment. “I think what we have right now is a lower inventory, which will drive supply-and-demand and drive the price up a little bit,” Miller said.

The increase is being driven by a limited inventory of homes for sale across the state, according to Miller. She expects that to change in the coming months.

“Winter always slows down a little bit. When spring comes, it improves a little bit,” Miller said. “People are ready for spring, ready for a move, something new.” There were 3,425 homes sold in Iowa in October, slightly fewer than in October of 2015. But, the overall number of homes sold statewide this year is ahead of last year’s pace.

(Reporting by Rob Dillard, Iowa Public Radio)