Iowa properties selling in less time

CEDAR RAPIDS -- Fewer homes were sold and the average sale price declined last month in the Cedar Rapids-Iowa City Corridor.

A total of 443 homes were sold in the Cedar Rapids metropolitan area in July, down from 530 in July 2013, according to the Cedar Rapids Area Association of Realtors. The average sale price slipped from $180,944 in July of last year to $172,916 last month.

Homes were sold in less time with an average of 72 days on the market in July, down from an average of 85 days in the same month last year.

At the southern end of the Corridor, 413 homes were sold last month, according to the Iowa City Area Association of Realtors, down from 443 in July 2013. The average sale price slid from $212,190 in July 2013 to $206,481 last month.

Homes were sold in less time with an average of 67 days on the market in July, down from an average of 77 days in the same month of 2013.

Statewide, 3,888 homes were sold in July, down from 4,207 in July 2013, according to the Iowa Association of Realtors. The average sale price of an Iowa home rose slightly from $168,555 in July 2013 to $169,479 last month.

On average, an Iowa home was on the market for 77 days before it was sold last month, compared with 79 days in July 2013.

Active listings declined 9 percent to 5,289 properties in July from 5,812 in the same month last year.

'While inventory has grown, it has not kept up with demand,” said Kathy Miller, president of the Iowa Association of Realtors.