Homes in Iowa selling at brisk pace

Iowa homes are selling at the fastest pace in five years, according to the Iowa Association of Realtors.

The statewide real estate association reported 4,661 homes were sold in July, up 12 percent from 4,155 in July 2014. The average sale price rose 7.9 percent to $179,861 last month from $166,664 in July 2014.

'The lack of inventory in some of our major metro areas is contributing to the fast pace of home sales,” Jon Yocum, president of the Iowa Association of Realtors, said in a news release. 'The days on market is down 14.5 percent from 76 days last year to 65 days. According to our research, that is the fastest rate in over five years.”

Cedar Rapids home sales jumped 35.9 percent to 628 in July from 462 in the same month of 2014, according to the Cedar Rapids Area Association of Realtors. The average sale price increased 10.6 percent to $189,231 in July from $171,077 in July 2014.

Average time on the market before a home was sold edged down to 67 days last month from 71 days in July 2014.

The Iowa City Area Association of Realtors tallied 513 homes sold in July, up 21.3 percent from 423 in July 2014. The average sale price rose 6.8 percent from $208,320 in July 2014 to $222,572 last month.

Average time on the market before a home was sold edged up to 70 days last month from 69 days in July 2014.

'It's been pretty much a seller's market for the whole season,” said Shaner Magalhaes, president of the Iowa City Area Association of Realtors. 'There's not been nearly enough inventory, especially for homes in the middle range of prices from $150,000 to $250,000.

'Buyers have had some competition for the home they want to land. It's great if you're a seller, but on the buying side it's been a little difficult sometimes.”

The National Association of Realtors reported sales of existing homes rose 2 percent last month to a seasonally adjusted annual rate of 5.59 million, the fastest rate since February 2007.