Iowa City bucks home sales, price trend in September

The number of homes sold and the average price rose in the Iowa City area last month when compared with September 2011, contrary to results in Cedar Rapids and the state as a whole.

The Iowa City Area Association of Realtors reported 186 single-family homes sold last month, up from 164 in September 2011. The median sale price was $160,000, an increase from $157,500 in September 2011.

In Cedar Rapids, 258 homes were sold in September, down from 330 homes sold in the same month last year, according to the Cedar Rapids Area Association of Realtors. The median sale price slipped to $133,250 in September from $135,000 in the same month last year.

Statewide, the median sale price was up while home sales were down in September, according to the Iowa Association of Realtors.

The median sale price of a single-family home in Iowa was $127,000 in September, up 5.8 percent from $120,000 in the same month last year. Twenty-three of Iowa's 44 local Realtor boards across the state reported increases in median sale price.

The Iowa Association of Realtors reported 2,671 homes were sold in September, down 11.2 percent from 3,007 homes sold in the same month last year. Sixteen local Realtorboards reported increases in the number of home sales.

"Prior to this, sales had been up for many months in a row," said Dale Gross, president of the Iowa Association of Realtors. "We will have to wait until October numbers are in to see if September was just a small bump in the road or the beginning of a slowing of the market."

Gross noted that the number of days that homes were on the market before they sold continued to drop in September, which is good news for sellers. The average number of days on the market in September was 92, down 8 days or 8 percent from last year.

The National Association of Realtors is scheduled to release a report on existing home sales and median prices on Friday.