The median price for a home sold in Iowa last month hit a record high, while the number of home sales is dropping according to the Iowa Association of Realtors.
The median price for an Iowa home sold in June was a record $230,000. That’s about 12% more expensive than the median price for Iowa homes sold in June of 2021. Homes placed on the market sold in an average of 27 days last month. That’s 18% faster than in June of last year.
In the first six months of this year, there’s been a more than 4% drop in the number homes sold in the state. In June, 4734 home sales were completed. The Iowa Association of Realtors monthly report shows the number of homes available for sale is slowly increasing after a record low in May.
Iowa Association of Realtors president Byron Menke says increased mortgage rates and sky-high home prices are affecting housing markets throughout the country, but if inventory continues to rise, home prices may stabilize.