Home sales rose in Cedar Rapids, Iowa City, state

June was a good month for home sales in Cedar Rapids, Iowa City and most of the state when compared with the same month of 2011.

The Cedar Rapids Area Association of Realtors reported that 456 homes were sold last month, up 13.2 percent from 403 in June 2011. The average sale price jumped 9.8 percent, from $163,557 in June 2011 to $179,568 last month.

At the southern end of the Corridor, 455 homes were sold in Iowa City, Coralville and surrounding communities - up 31.5 percent from 346 in June 2011, according to the Iowa City Area Association of Realtors. The average sale price rose 8.7 percent, from $191,897 in June 2011 to $208,505 last month.

Statewide, home sales increased 13.1 percent in June year-over-year, according to the Iowa Association of Realtors. The trade association reported 26 of the 44 local Realtor boards posting higher sales with a total of 3,940 homes sold last month, compared with 3,485 homes sold in June 2011.

The average sale price of an Iowa home was $162,402 in June, up 6.8 percent from $152,013 in the same month of 2011.

"Our reports continue to show that sales have remained steady," said Dale Gross, president of the Iowa Association of Realtors in Des Moines. “The number of sales continues to increase year-over-year, as well as month-over-month.

"The market is healthy at roughly a seven-month supply of inventory. This indicates a nearly balanced buyer and seller market, offering opportunities for parties on both sides of the sales transaction."

On a quarterly basis, Gross said the state as a whole posted record numbers in the April-through-June period.

"When compared to the second quarter of 2011, the second quarter of 2012 showed increases in numerous areas," Gross said. "Closed sales were up by 12.2 percent, average sale price was by up 8.2 percent and the median sale price was up by 5.6 percent.

"Average days on the market was down by 4.7 percent."

Time on market is considered an indicator of demand for homes because a lower figure indicated it required less time to market and sell the average home.