Iowa home prices rise, sales slip

The median sale price of an Iowa home rose in January while the number of sales dipped slightly when compared with January of last year.

The Iowa Association of Realtors is reporting that the median sale price increased by 4.5 percent from $119,500 in January 2014 to $124,900 last month. The median price means half the homes sold for less and the other half sold for more.

Sales across Iowa saw a slight decrease of 1.6 percent from last year at this time. There were 1,868 homes sold in January 2015, compared with 1,898 in January 2014.

In contrast, four of the five largest real estate boards and associations in Iowa reported an increase in the number of sales last month when compared with January 2014.

While home sales in the winter typically slow down in Iowa, there was a 12 percent increase in active listings compared with January 2014. Pending sales are up 12.7 percent from January 2014.

'With new listings and pending listings trending upward, we expect this will lead to more sales in the late winter and early spring period,” said Jon Yocum, president of the Iowa Association of Realtors, in a statement. 'The new 3 percent down payment programs from Fannie Mae and Freddie Mac should help boost home sales.”

Homes are selling faster when compared to last year. The average days on market was 89 last month, down from 95 in January 2014.

The statewide inventory of homes on the market remains relatively low, according to Yocum.

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