Homes sales in the state were down nearly 30 percent in November compared to one year ago.
The Iowa Association of Realtors report says the drop was not unexpected as interest rates continue to rise. The median sales price of single-family homes was $1,000 below November of last year at $191,000. The report says home sales overall for the year are down only 9%.
The number of homes available in November was up — bucking the trend of decreasing inventory that started before COVID. The report says homeowners who have been sitting on the sidelines watching interest rates should be ready to buy in 2023 as interest rates are expected to settle in and the inventory of homes is increasing.