Housing market remains strong in September

The Iowa housing market remained strong in September, with higher sales and average sale prices year-over-year in the Corridor and statewide.

The Cedar Rapids Area Association of Realtors reports 482 homes sold in September 2016, up from 430 in September 2015. The average sale price increased from $171,819 in September 2015 to $184,901 in September 2016.

Cedar Rapids homes had been on the market an average 51 days before they were sold in September, down from an average 66 days in the same month last year.

A total of 248 homes were sold in September in Iowa City, up from 235 in the same month last year, according to the Iowa City Area Association of Realtors. The average sale price rose to $223,792 in September from $$193,336 in September 2015.

Homes had been on the market an average 66 days before they were sold in September, down from an average 77 days in September 2015.

Statewide, 3,853 homes were sold in September, up 7.5 percent from 3,583 in the same month last year, according to the Iowa Association of Realtors.

The average sale price of an Iowa home rose 6.6 percent from $165,013 in September 2015 to $175,952 in September 2016.

Homes had been on the market an average 73 days before they were sold in September, up from an average 66 days in September 2015.

'Unlike major ups and downs seen in other areas of the country, Iowa continues its steady growth,” IAR President Ken Clark said in a news release. 'September numbers continued the trend of rising home sales and prices.”

Lawrence Yun, chief economist and senior vice president of research with the National Association of Realtors, said in a news release that the inventory of new and existing homes for sale remains low.

'It's leading to home prices outpacing wages, properties selling a lot quicker than a year ago, and the home search for many prospective buyers being highly competitive and drawn out,” Yun said. 'Although depressed inventory levels are keeping home prices elevated in most of the country, steady job gains and growing evidence that wages are finally starting to tick up are encouraging more households to consider buying a home.”

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