The average sales price for Iowa City homes continued its bumpy ride for the week ending Sept. 3, jumping 19.1% from the previous week, according to the Iowa City Area Association of Realtors.
The average price hit $276,950 for the week, compared with an average price of $232,450 in the prior week and $230,000 for the same week in 2021.
Even so, the market continued to move forward overall last week, with a 57.7% increase in closed Iowa City home sales and a 6.8% drop in average days on market. There were 82 closed sales for the week, compared to 52 closed sales in the prior week.
Active inventory continues to rise, with a 2.6% bump this week. In total, there are 916 active listings in the greater Iowa City area, compared to 893 in the prior week and 803 from the week ending Sept. 4, 2021.
Nationwide, July 2022 existing-home sales were down 5.9% from June and 20.2% from a year ago, according to the National Association of Realtors, with all four major U.S. regions recording month-over-month and year-over-year declines.
Pending home sales for the month were down 1%, reflecting the recent retreat in mortgage rates.
The Iowa City Area Association of Realtors is a trade association representing over 460 licensed real estate professionals throughout the greater Iowa City area.
In addition to operating the Multiple Listing Service and Real Estate School, the association focuses on enhancing the ability of its members to conduct their businesses efficiently and professionally. Appraisers, property managers, real estate counselors, and brokers can all become a certified Realtor.
