Home prices, sales keep rising across Iowa, Corridor

Home prices continued to rise across the state and in the Corridor during October.

The average sale price of a home in Iowa climbed 6.5 percent from last year, from $148,063 in October 2012 to $158,778 in October 2013, according to the Iowa Association of Realtors.

In Cedar Rapids, the average sale price increased slightly - about 1.8 percent - from $166,919 in October 2012 to $169,912 in October 2013, according to the Cedar Rapids Area Association of Realtors.

There was a 19 percent jump in prices in the Iowa City area, with prices rising to $228,648 in October 2013 from $191,894 last October, according to the Iowa City Area Association of Realtors.

Sales rose 3.2 percent statewide, with 3,100 homes sold  in October 2013 compared with 3,005 homes sold in October 2012. Since 2010, there has been a 33 percent increase in home sales.

The number of homes sold in Cedar Rapids increased about 4.8 percent year-over-year, from 369 homes sold in October of last year to 387 homes sold this October. In Iowa City, 190 homes were sold in October 2013, up about 6 percent from the 179 homes sold in October 2012.

Statewide, inventory showed a 2.2 percent decrease compared with October 2012. Days on the market also dropped, falling 19.4 percent, or 19 days, from 98 days in 2012 to 79 days in 2013.

In Iowa City, the average number of days houses spent on the market dipped slightly to 77 days this October, compared with 79 days in October 2012.

“Some encouraging observations of market trends that are contributing to our strong marketplace are things like a decrease in Real Estate Owned properties, less stringent banking guidelines, and an increase in cash buyers,” said Kathy Miller, president of the Iowa Association of Realtors.