July proved to be a strong month for Iowa's housing market as home sales and prices increased substantially across the state and in the Corridor.
"Our housing market continues to be strong due to great financing options and low interest rates," said Kathy Carpenter, president of the Cedar Rapids Area Association of Realtors. "With the average residential sold price increasing, sellers are realizing that it is a great time to put their home on the market."
The Iowa Association of Realtors reported that home sales were up 18.3 percent from a year ago while year-to-date sales were up by more than 8 percent.
About 4,074 homes were sold in July 2013 compared with 3,444 homes in July 2012.
In Cedar Rapids, home sales were up about 12.8 percent from a year ago. For this past July, 501 units were sold compared with 444 residential units sold in July 2012, according to the Cedar Rapids Area Association or Realtors.
About 2,596 homes have been sold in the Cedar Rapids area since January 2013.
Iowa City Area Association of Realtors numbers show that 332 single family units were sold in July 2013 compared with 257 in July 2012 — a 29 percent jump. Since January, 1,795 homes have been sold in the Iowa City area.
"June and July 2013 recorded the two highest average and median sales price figures ever recorded by IAR since it began the current data tracking system in 2005," said Don Marple, president of the Iowa Association of Realtors in a press release.
The average number of days that houses spent on the market has also decreased. Statewide, residential units were on the market for fewer than 90 days. In Cedar Rapids and Iowa City, the average numbers of days spent on the market were 88 and 77, respectively.
Home prices were up nearly 11 percent statewide. The average sale price in Iowa rose by 10.8 percent, while the median sale price increased by 7.1 percent. The average sale price was $168,823 in July compared with $152,361 last July.In Cedar Rapids, the average sales price was $182,322 compared with $166,505 in July 2012. In the Iowa City area, the average sale price was $212,190 and the median sales price was $191,500 compared with $201,076 and $174,000 in 2012.