The Iowa Association of Realtors report for July says the state housing market continued to see sales and inventory drop.
Home sales were down by nearly 21% in July compared to last July. That’s a drop of 677 homes sold for a total of 3,011 in the month. The number of sales from June to July of this year mirrored the yearly trend, down 20%.
The report says higher interest rates and a lower inventory led to the decline. The number of homes on the market in July decreased by a little more than 12% compared to July of last year. Homes sat on the market for 33 days this July before a sale — compared to the 23-day average of July 2022.