Cedar Rapids area home sales, average price fall in May

Mortgage rates expected to continue climbing

Business Rotator, Financial, Home building,
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June 18, 2014 | 2:12 pm

Sales of single-family homes and condominiums slipped in May and the average sale price fell in the Cedar Rapids-Iowa City Corridor and statewide.

A total of 448 residences were sold last month in the overall area represented on the Cedar Rapids multiple listing service, down from 550 in May 2013, according to the Cedar Rapids Area Association of Realtors. The average sale price slipped to $178,985 in May from $182,806 in May 2013, but the median sale price increased 1.1 percent from $137,500 in May 2013 to $139,000 last month.

In the Cedar Rapids metropolitan area, 221 homes or condominiums were sold in May, down from 249 in May 2013. The average sale price slipped to $159,766 in May from $165,898 in May 2013.

In Iowa City, 330 homes and condominiums were sold in May, down from 347 in May 2013. The average sale price slipped to $210,980 last month from $216,364 in May 2013.

Statewide, 3,482 homes were sold in May, down 15.4 percent from 4,116 homes sold in May 2013. The average sale price of an Iowa home decreased slightly, going from $161,098 in May 2013 to $159,442 last month.

Average days on the market continued to decrease, dropping another seven days to 90 days. The average time on the market in May 2013 was 97 days.

Kathy Miller, president of the Iowa Association of Realtors, said mortgage rates are expected to rise in coming months.

“We urge buyers to start building wealth and invest in real estate,” Miller said, “Likewise, sellers are realizing the importance of positioning their properties correctly in the marketplace.”

l Comments: (319) 398-8366; george.ford@sourcemedia.net

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