Home sales fall in Corridor, state

CEDAR RAPIDS - Home sales fell throughout the Corridor and state in August while sale prices declined in Cedar Rapids but rose in Iowa City.

Home sales statewide fell 9.2 percent in August, with 374 fewer homes sold last month when compared with August 2013, according to the Iowa Association of Realtors. The report shows that 3,685 homes were sold in August 2014 compared with 4,059 homes sold in August 2013.

The number of Cedar Rapids homes sold dropped about 3.5 percent year-over-year, from 447 homes sold in August 2013 to 431 sold last month, according to the Cedar Rapids Area Association of Realtors. The Iowa City Area Association of Realtors reported 293 homes were sold in August 2014, down 9.8 percent from the 325 sold in August 2013.

The median sale price of an Iowa home rose 3.8 percent, increasing from $134,900 in August 2013 to $140,000 in August 2014.

In Cedar Rapids, the median sale price dropped 3.6 percent from $152,500 in August 2013 to $147,000 in August 2014. There was an 8.8 percent jump in median home prices in the Iowa City area, with prices rising from $170,000 in August of last year to $185,000 last month.

Days on the market before a house was sold were up slightly, increasing 1.3 percent statewide, with houses spending an average of 79 days on the market in August 2014.