Iowa home prices rose in July

It was the 13th month of higher sales

George Ford
Published: August 16 2012 | 12:59 pm - Updated: 31 March 2014 | 11:07 pm in
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For the 13th straight month, home sales rose in Iowa in July, according to the Iowa Association of Realtors, which also reported median home sale prices also increased last month.

The Iowa Association of Realtors data shows 3,367 homes were sold in July, up 2.8 percent from 3,274 homes sold in July of last year. Twenty-six of Iowa’s 44 local real estate boards posted increases in the number of home sales last month.

Pending home sales were up by 4.2 percent. There were 3,223 pending sales in July, compared with 3,093 pending sales in July 2011.

The median sale price of a home in Iowa rose 3.8 percent while the average sale price was up by 2.1 percent. The median sale price was $134,900 in July, compared with $130,000 in July 2011.

Twenty-seven local real estate boards reported increases in median sale price.

The average price of a Cedar Rapids home sold in July was $167,958, up from $165,768 in July 2011. In Iowa City, Coralville and other communities at the southern end of the Corridor, the average price of a home sold last month was $201,076, up from $189,764 in July 2011.

The Cedar Rapids Area Association of Realtors reported 427 homes were sold in July, an increase from 406 sold in July 2011. A total of 343 homes were sold in Iowa City, Coralville and surrounding communities last month, up from 338 in July 2011.

Iowa’s statewide inventory of homes on the market at the end of July was 21,630, down 13.2 percent from July 2011 when the inventory included 24,915 homes. New active listings declined by 1 percent to 4,936 last month from 4,886 in July 2011.

"Activity continues to be strong," said Dale Gross, president of the Iowa Association of Realtors. "We anticipate sales to stay ahead of last year through the next couple of months as pending sales are running ahead of last year at this time."

Cedar Rapids was ranked No. 140 in terms of the most searched market in the country in July, according to Realtor.com, a national real estate website. The median listing price for Cedar Rapids homes hit $149,950 in July, up 2.07 percent from July 2011, but 1.99 percent below the median listing price in June.

The Iowa City-Coralville area was ranked No. 141 in terms of the most searched market in the country in July, according to Realtor.com, a national real estate website. The median listing price for Iowa City area homes was $199,900 in July, up 3.62 percent from July 2011 and unchanged from the median listing price in June.

The national median list price in July 2012 was $194,900, according to Realtor.com, up 2.63 percent from July 2011.

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