THE IOWA ASSOCIATION OF REALTORS SAYS INCREASING INTEREST RATES AND A BELOW NORMAL INVENTORY CREATED A DIP IN THE HOUSING MARKET IN IOWA AT THE END OF JULY.
ASSOCIATION PRESIDENT KRISTA CLARK SAYS “THE NATIONAL HOUSING MARKET CONTINUES TO SEE SOME SIGNS OF STRAIN AND THE IOWA MARKET IS NOT IMMUNE TO MANY OF THESE ISSUES”.
WITH 3,700 SINGLE-FAMILY HOMES ON THE MARKET, JULY SAW A 12.3% DECREASE IN INVENTORY FROM THE PRIOR YEAR.
THE SAME WAS TRUE FOR A MONTH OVER MONTH COMPARISON, AS JULY’S INVENTORY REPRESENTED A 12 AND A HALF PER CENT DECREASE FROM JUNE.
HOME SALES SAW A FAIRLY STARK DECLINE – AT 20.5% – YEAR-OVER-YEAR WITH 3,011 HOMES SOLD IN JULY, COMPARED TO THE 3,788 SOLD THE YEAR BEFORE.
THE DECLINE WAS SIMILAR FOR MONTHLY METRICS, A 20% DECREASE FROM THE 3,765 HOMES SOLD IN JUNE.
THE DAYS ON THE MARKET INCREASED YEAR-OVER-YEAR TO 33 DAYS COMPARED TO THE 23 DAY AVERAGE OF JULY 2022.
MEDIAN SALES PRICES INCREASED 4.4% YEAR-OVER-YEAR TO $235,000.
THE HOUSING MARKET FOR TOWNHOMES AND CONDOS SAW A SLIGHT REVIVAL IN JULY, WITH MANY METRICS IMPROVING FROM THE PREVIOUS YEAR.
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