Home sales down year-over-year in C.R. due to tax credit boost

CEDAR RAPIDS -- Fewer homes were s0ld in the Cedar Rapids metro area in June than in the same month of 2010, primarily due to a federal tax credit  boosted sales to first-time homebuyers.

The Cedar Rapids Area Association of Realtors reported 407 single-family homes or condominiums were sold last month, down from 655 in June 2010. The average sale price rose to $162,940 last month from $160,453 in June 2010.

Kevin Platz, association executive, noted that June 2010 was the last month to qualify for the federal housing tax credit. With that credit no longer available, the comparisons for July and later months should more accurately reflect normal market activity.

"The good news in 2011 is we have had a steady increase in number of residential units sold since January," Platz said.

The number of homes sold has risen from 183 in January to 407 last month.

Last week, the Iowa City Area Association of Realtors reported 346 single-family homes or condominiums were sold in June, down from 512 sold in June 2010. The average sale price of an Iowa City area home was $191,897 in June, up from $181,109 in June of last year.

Terri Larson, president of the Iowa City Area Association of Realtors, said the number of pending home sale so far in 2011 is almost double what it was in the first six months of 2010. Larson said there were 99 home sales pending in the market on June 30, compared with 52 on the same date last year.