The statewide median home sale price in July was nearly $240,000, a record high.
Iowa Association of Realtors data shows just over 3700 homes were sold in the state in July. That’s a nearly 29% drop in sales volume compared to the same month last year. There also was a 22% drop in the number of Iowa homes listed for sale in July.
Those trends fueled the record median price for an Iowa home sold in July. It was up 17% compared to July of 2021. The Realtors’ report indicates Iowa homes are selling quickly — averaging just 24 days on the market in July — and that’s 20% faster than July of last year. However, the president of the Iowa Association of Realtors says the housing market is cooling off, as home prices and mortgage rates rise.