June’s housing market in Iowa broke another record, with home sales up 8.8 percent from June 2020 according to the Housing Trends report from the Iowa Association of Realtors.
The median sales price rose 13.2 percent over June 2020, coming in at $205,000 compared to $181,123 in June of last year. In addition, homes sold almost 46 percent faster, or in 33 days on average, compared to a year ago.
So far in 2021, a total of 21,714 properties have been sold in Iowa, which is 10.8 percent higher than the first 6 months of 2020, according to the report. The number of homes available for sale is low in most price ranges, with home inventory 25.9 percent lower than in June 2020. Just 9,378 homes are on the market statewide.
The bulk of June’s sales were single-family detached homes, which sold in an average of 31 days. Townhouses or condos were selling slightly slower, at an average of 46 days on the market.
“While homes in June sold very quickly, we are seeing an increase in homes available for sale,” IAR president Jen Burkamper. “We’ve experienced a slow increase in homes available for sale the last four months and hope that continues after seeing 11 months of declining inventory. If this trend continues, this will help stabilize our market over the long term.
“We broke another record in June with the percent of list price received at 100 percent,” she continued. “This ratio shows the difference in the final sale price when compared to the original or list price. This average of 100 percent shows that many homes continue to sell over the list price due to high demand for properties and lack of homes available for many price points.”