November Iowa housing report shows higher prices, fewer days on market

Iowa and the Corridor's housing markets continued to see rising prices and year-to-date sales while units spent fewer days on the market.

The Iowa Association of Realtors reported that the average sale price increased by $5,887, or 4 percent, in November of this year. Home prices averaged $153,683 in November 2013 compared with $147,796 in November 2012.

The median sale price was also up 4 percent - growing from $125,000 in November 2012 to $130,000 this November.

Average prices for Iowa City single family homes hit $213,128 in November 2013. Prices jumped 12.9 percent from the average price of $188,716 in November 2012, according to the Iowa City Area Association of Realtors.

Cedar Rapids saw a more moderate increase in prices, which rose 1.4 percent from $165,935 in November of 2012 to $168,333 in November of this year, according to the Cedar Rapids Area Association of Realtors.

Cedar Rapids median sale price remained about the same at $137,000 in 2013 compared with $137,500 in November 2012.

Days on the market continued to decrease across the sate, falling about 19.8 percent. In November 2012, houses spent an average of 101 days on the market while this year the report shows just 81 days. A home in Iowa City spent about 73 days on the market this November compared with 83 days at this time last year.

Due to the decrease in pending sales last month, the total sales were slightly down in Iowa this month when compared to last year. In November of 2012, sales were 2,795 and dropped just 1.6 percent to 2,749 this year. However, the year-to-date sales increased 7.7 percent over last year.

Twenty-five more homes were sold in Cedar Rapids this November compared with last year, 332 compared with 307. Single family home sales were also up year-to-date, with 4,182 homes sold in Cedar Rapids this year compared with 3,795 last year.

In Iowa City, 141 homes sold in November 2013, which is 10 fewer than November of last year. Year-to-date sales show that 2,052 single family units were sold in 2013 compared with 1,923 units in 2012.

“With the positive pricing growth, continued low interest rates, and fewer days on the market, Iowa should continue to see a strong housing market,” said Kathy Miller, 2014 president of the Iowa Association of Realtors.