Home prices, sales mixed in Corridor

The uneven pace of the housing market recovery continued last month statewide and in the Cedar Rapids-Iowa City Corridor.

A total of 506 homes were sold in June in the Cedar Rapids metropolitan area, up slightly from 499 in June 2013, according to the Cedar Rapids Area Association of Realtors. The average sale price slipped 0.3 percent to $179,106 last month from $179,664 in the same month a year ago.

Average time on the market increased to 90 days in June from 76 days in the same month last year.

The Iowa City Area Association of Realtors reported 423 properties sold in June, down from 451 in June 2013. The average sale price fell 3.3 percent from $221,935 in June 2013 to $214,566 in the same month this year.

Average time on the market improved from 73 days in June 2013 to 64 days last month.

Statewide, a total of 4,047 homes were sold last month, according to the Iowa Association of Realtors, up 3.6 percent from 3,905 homes sold in June 2013. The average sale price edged up 1 percent to $170,334 in June from $168,604 in the same month last year.

Average time on the market continued to decline, dropping from 85 days in June 2013 to 81 days last month.

Kathy Miller, president of the Iowa Association of Realtors, said anyone considering buying a home should take advantage of existing mortgage rates and moderately relaxed underwriting rules.

'We are assured that (mortgage) rates will rise,” Miller said. 'Sellers are seeing less days on the market and sale prices remain stable. This is a positive sign for both buyers and sellers.”