The Iowa Association of Realtors monthly report shows around the same number of house sold this May as sold last year — but they are selling at a faster pace.
Association president, Cindy Miller, says its an issue of the proper supply of the best selling homes. “We have a little bit of a shortage,” Miller says, “and it’s not a shortage, shortage. Just more of not what people are looking for.” She says buyers are looking for homes priced in the middle of the range.
“We need a lot more houses that are going to be more in the medium housing price instead of way high up, or way real low,” Miller explains. “We just have that shortage around the 120-125 mark for the new home buyers.” Miller says the demand for these types of houses has made it a good time for those who want to sell them.
“We’re finding that they sell fairly quickly and we’re finding multiple offers on one house coming up,” Miller says. The competition for those houses has pushed up the median sale price of homes by 5.4 percent compared to last year. The median price is now $155,000. Miller says interest rates are helping people make the decision to buy.
“The rates are very good right now, they are still low and at a good rate for people to get into a house,” Miller says. There were 4,398 homes sold in May of this year compared to 4,403 sold last May. The average days on market was 75 while last year in May it took an average 85 days.