June’s real estate sales decreased 12.8%, according to the Housing Trends by the Iowa Association of REALTORS (IAR). Median sales price rose 12.2% over June 2021.
There were 4,734 homes sold in June 2022, compared to 5,427 properties in June 2021. For the first half of 2022, Iowa has experienced a 4.2% drop in sales compared to 2021.
The median sales price for June 2022 was $230,000 compared to $205,000 in June of last year. This is a new record high for median sale price in Iowa. In Johnson County, the median sales price of single-family homes is up 7.4%, while the price of townhouse-condo properties has skyrocketed by 16.5%.
“We are experiencing a similar slowdown in Iowa with the rest of the country due to the rising inflation, increased mortgage rates and higher home prices,” said IAR President Byron Menke in a statement. “While the market saw a seasonal increase in the number of homes on the market, the overall supply of homes remains low throughout the state. If this inventory continues to rise, it will help stabilize home prices and the overall market. With these unique market conditions it is important for buyers to speak to a reputable lender to review their mortgage options. There are a variety of products on the market that may fit their specific financial situation.”
The number of homes available for sale is slowly increasing after record low numbers in April and May. Inventory of homes was 23% lower than in June 2021 with 7,212 homes on the market statewide.
Homes continue to sell extremely fast. June saw an average of 27 days on the market. That is 18% faster than June of last year.
In May, home sales slipped 7.7% and median sales price rose 12.6% over May 2021.
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