Iowa and Corridor home prices continued to rise in August, as did sales in Iowa City and the state. But in Cedar Rapids, sales dropped.
Statewide, the average sale price was up 7.8 percent and the median sale price was up 4.7 percent from last August, according to the Iowa Association of Realtor’s.
The average sale price rose to $161,860, up from $150,158 in August 2012.
In the Corridor, average sale prices in Cedar Rapids rose from $169,480 in August 2012 to $182,149 in August 2013, according to the Cedar Rapids Area Association of Realtors. And in Iowa City, average prices rose from $196,185 to $198,882 during that same time period, according to the Iowa City Area Association of Realtors.
Sales were up 3.7 percent across the state. This August, 3, 875 homes were sold compared with last year, which saw 3, 737 houses sold.
The average number of days houses spent on the market also continued to drop, falling 23.5 percent. The August, houses spent about 75 days on the market compared with the average of 98 days last August.
Fewer homes were sold this August in Cedar Rapids compared with last August, 424 units compared with 443 units. But the average time spent on the market decreased substantially, down about 36.9 percent from 103 days on the market to 65 days.
Sales did rise in Iowa City, up 23.7 percent, with 202 units sold in August 2012 compared with 250 units sold in August of this year. The average number of days on the market fell 13.5 percent, from 89 days to 77 days during that time period
“With fewer homes from which to choose, prices have been steadily rising,” said Don Marple, president of the Iowa Association of Realtors, in a press release. “Both average and median prices have been running significantly higher this year than in 2012.”