Home sales rise in September locally, across Iowa

Home sales continued to increase last month in Cedar Rapids, Iowa City and the state of Iowa.

A total of 406 Cedar Rapids area homes sold in September, up from 384 in September 2014, according to the Cedar Rapids Area Association of Realtors. The average sale price increased $172,528 last month from $167,974 in September 2014.

The average time required to sell a home continued to decline, falling to 66 days in September from 76 days in the September 2014.

In the Coralville-Iowa City market, 235 homes were sold last month, up from 199 in September 2014, according to the Iowa City Area Association of Realtors. The average sale price slipped to $193,336 in September from $209,696 in the same month last year.

Average time on the market before a sale increased to 77 days last month from 68 days in September 2014.

'We've had a relatively healthy market all year,” said Shaner Magalhaes, president of the Iowa City Area Association of Realtors.

The Iowa Association of Realtors reported 3,570 homes changed ownership last month, up from 3,406 in September 2014. The average sale price rose to $165,894 in September from $155,889 in the same month last year.

Homes still are selling quickly in Iowa with an average of 68 days on the market last month, compared with 84 days on the market in September 2014.

Jon Yocum, president of the Iowa Association of Realtors, said the Iowa real estate industry recorded the best third quarter in eight years.

'Our communities have been receiving a lot of national attention from magazines and online media outlets,” Yocum said in a news release.

The average rate for a 30-year, fixed-rate mortgage was 3.79 percent last week according to Freddie Mac. Relatively low mortgage rates have helped spur home sales in recent years.