Cedar Rapids realty firm says home sales down nearly 50 percent

NAI Iowa Realty in Cedar Rapids said overall home sales in July were 47.5 percent lower than in July 2009.

Pending sales were down 26.9 percent from July 2009. Inventory has increased 2 percent or 47 units from last month.

The average sale price was $161,000, up $6,000 from last July. Homes sold in July spent an average of 77 days on the market.

In the area of existing home sales, closed sales were down 45.2 percent from last July. Pending sales were down 27.2 percent from July 2009.

The average sale price of an existing home sales listing was $147,000, unchanged from July 2009. The average time on market for an existing home was 66 days, up a day from June.

With regard to new homes, closed sales were down 57.1 percent from July 2009 and pending sales were down 25.4 percent from last July.

Inventory increased by -2.1% or 8 units from June. The average sale price of a new home was $237,000, up $46,000 from last July's average.

The average square foot price for the month of July was $147, compared with $136 per square foot last July. The average time on on market for a new home in July was 138 days.