Average Iowa home price rises in April, inventory declines

The average price of a home in Cedar Rapids-Iowa City Corridor and the State of Iowa rose in April when compared with the same month of 2011 while the inventory of unsold homes declined.

The Cedar Rapids Area Association of Realtors reported the average price of a home rose from $142,908 in April 2011 to $164,136 last month. A total of 272 homes sold in April, down from 312 in April 2011.

In Iowa City-Coralville, the average price of a home jumped from $169,880 in April 2011 to $198,086 last month, according to the Iowa City Area Association of Realtors. A total of 178 homes were sold April, down from 186 in April 2011.

The average price of an Iowa home sold in April was $145,800, up from $132,987 in April 2011. The Iowa Association of Realtors said 2,606 homes were sold in April 2012, up from 2,584 homes sold/closed in April 2011.

Twenty-one local Realtor boards in Iowa reported increases in the number of homes sold. The statewide inventory of homes on the market at the end of April was 21,061, down 9.8 percent from last April when the inventory was 23,352 homes.

April continued a trend of positive activity in the housing market, according to Dale Gross, president of the Iowa Association of Realtors.

"We have seen a string of months of strong sales activity and improved prices," Gross said. "Our quarterly data shows good news for the Iowa market as well.

"There was an 18.2 percent increase in sales from the first quarter of 2011 to the first quarter of 2012," Gross said. "In addition, this past quarter was the strongest first quarter we've had in homes sold/closed since 2007," he states. Homes sold/closed were 6,208 in Q1 2012 and 7,042 in Q1 2007.