Average home price falls in Corridor

CEDAR RAPIDS - The residential real estate market ended the summer season with more homes sold year over year in October in Iowa City and the state, while the Cedar Rapids area recorded a decline.

The Iowa City Area Association of Realtors recorded 214 homes sold last month, up from 190 sold in October 2013. The average sale price slipped to $205,718 from $228,648 in October 2013.

Days on the market were virtually unchanged at 76 in October, compared with 77 days in October 2013.

A total of 385 homes were sold last month, according to the Cedar Rapids Area Association of Realtors, down from 406 in October 2013. The average sale price slipped to $168,087 last month from $168,522 in October 2013.

Days on the market edged up to 73 in October from 70 days in October 2013.

Statewide, 3,349 homes were sold in October, according to the Iowa Association of Realtors, up from 3,251 homes sold in October 2013. The average sale price was $157,231 in October, compared with $157,140 in the same month of 2013.

The inventory of homes available for sale declined by 1.2 percent compared with October 2013. Days on the market increased to 85 in October from 78 days in October 2013.

Jon Yocum, president of the Iowa Association of Realtors, said overall the market is very stable and solid across the state.

'Iowa has seen a slight increase in sold properties mainly due to the low interest rates and partially due to the end of the summer market,” Yocum said. 'Sale prices are holding steady across the state.”