Home prices increase in the Corridor

The uneven recovery of the housing market was evident last month in the Cedar Rapids-Iowa City Corridor.

The average price of a Cedar Rapids area home sold in November was $175,645, up from $166,621 in November 2013, according to the Cedar Rapids Area Association of Realtors.

A total of 317 homes were sold in November, down from 348 in the same month last year.

On average, a Cedar Rapids home spent 81 days on the market before it was sold in November, up from 74 days in the same month of 2013.

The average price of an Iowa City-Coralville home sold last month was $219,264, up from $207,041 in November 2013, according to the Iowa City Area Association of Realtors. A total of 204 homes were sold in November, up from 171 in November 2013.

Average time on the market before a sale was 68 days last month, compared with 73 days in November 2013.

Fewer homes were sold last month in Iowa than in the same month of 2013, but the average sale price rose, according to the Iowa Association of Realtors.

A total of 2,601 homes were sold statewide in November, down 10.7 percent from 2,914 homes sold in November 2013. The average sale price of an Iowa home rose 4.1 percent from $153,142 in November 2013 to $159,368 last month.

Single-family home sales dropped 6.3 percent to a seasonally adjusted annual rate of 4.33 million in November from 4.62 million in October, but remain 2.4 percent above the 4.23 million pace from a year ago.