Home sales fall in Corridor, statewide

Less time on the market needed for sales in July

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Fewer homes were sold last month in Iowa and the Corridor compared with July 2015. But it took less time on average to make a sale.

The Cedar Rapids Area Association of Realtors reported 511 homes were sold last month, down from 663 in July 2015. The average sale price was $179,570, down from $188,683 in the same month a year ago.

A Cedar Rapids home had been on the market an average of 60 days before it was sold in July, down from 67 days in July 2015.

At the southern end of the Corridor, the Iowa City Area Association of Realtors reported 483 homes were sold in July, down from 513 in the same month of 2015. The average sale price declined to $217,694 last month from $222,572 in July 2015.

A home in the Iowa City area had been on the market an average of 60 days before it was sold in July, down from 70 days in July 2015.

Statewide, the Iowa Association of Realtors reported 4,386 homes were sold last month, down from 4,798 in July 2015. The average sale price rose to $179,710 in July from $176,710 in the same month last year.

Average time on the market before a home was sold rose to 72 days in July from 65 days in the same month last year.

“In many areas of Iowa, the market favors sellers in terms of inventory. However, buyers still experience very low mortgage rates,” Iowa Association of Realtors President Ken Clark said in a news release.

Existing home sales nationwide declined 3.2 percent to an annual rate of 5.39 million units last month, according to the National Association of Realtors. Economists polled by Reuters had forecast sales slipping 0.4 percent to a 5.51 million-unit pace in July.

The median home price rose 5.3 percent from July 2015 to $244,100 last month. Houses typically had been on the market for 36 days before they were sold in July, down from 42 days in July 2015.

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