August home sales and pending sales remained steady while median prices increased by 10.7 percent when compared to August 2019 according to the Housing Trends by the Iowa Association of REALTORS® (IAR).
August sales were down less than 1 percent with 4,448 homes sold compared to 4,489 sold in August 2019. For the year to date, sales are up 3.6 percent with 29,236 homes sold while 28,221 homes sold during this time period in 2019.
August’s median sale price climbed by 10.7 percent to $192,000 from last August’s median sale price of $173,500.
Pending sales remained almost identical to 2019. 4,271 homes were listed as pending in August compared to 4,288 homes in August 2019.
The homes available for sale dropped 22.7 percent from August of 2019.
“Sales were still fairly strong in August, and pending sales were on track, however, the number of homes available for sale is down significantly from last year. One part of the market that is a bit concerning is new construction. Lumber and material prices have gone up based on supply and demand with COVID-19 factory shutdowns and natural disasters. The mortgage rates are at near historic lows, and we are seeing homes sell very quickly in multiple price ranges. In some cases, sellers are seeing multiple offers just a few days after putting the home on the market. It is certainly a great time to be a seller. We encourage anyone looking to buy or sell a home to find a local Realtor to provide great service and guide them through one of the largest financial transactions of their lives,” stated IAR President, Scott Wendl.