A robust housing market was in full swing in July, as homes sold and inventory continued to show that Iowans were taking advantage of the typically strong summer selling and buying months in Iowa. Overall inventory and strong sales figures bring optimism to Iowa REALTORS® that the upcoming fall season will continue to provide an active market.
“The warmer summer months appear to have propelled sellers to jump into the housing market across Iowa,” Shaner Magalhães, IAR president, said. "Inventory remains a bright spot as we look at July. Those thinking of taking advantage of the variety of housing options available should contact their trusted REALTOR® to begin important conversations related to their home search.”
Inventory of homes for sale increased once again in July, giving the markets another boost in variety for prospective buyers. Overall inventory climbed 22.6% in July with 7,721 homes on the market compared to the 6,300 homes last year. Month-to-month the boost was more moderate at a 4.1% increase from the 7,417 homes listed in June.
New listings followed suit in July with a 4.8% increase to 3,893 homes joining the market compared to the 3,715 added during the same month a year ago. Monthly, the increase was slight at 0.6% compared to the 3,871 homes added in June.
Home sales experienced an optimistic boost in July, with 3,191 homes sold, a 2.7% increase from the 3,106 homes sold last year. Month-over-month the sales slipped slightly - a 1.1% decrease from the 3,228 homes sold in June.
Pending sales, on the other hand, declined both yearly and monthly. In July, 2,857 homes were marked as pending, a 8.5% decrease from the 3,124 homes pending last year. The figure represents a 1.9% decrease from the 2,914 pending sales of June.
Days on the market jumped 12.1% to 37 days compared to the 33 days homes averaged on the market last year. The days decreased by two compared to June’s statistics. The median sales price jumped 6.3% to $249,900 compared to the $235,000 from last year.
“Inventory is the hot topic on the real estate market over the last year. We’re seeing measured improvements in inventory continues to increase in Iowa,” Les Sulgrove, statewide housing analyst for Iowa REALTORS®, said. “Improved inventory provides more consumer choice and opportunity for those looking to make a homebuying move.”
Townhouses and Condos
Overall inventory was the bright spot for the townhouse and condo market in July. Inventory jumped 27.6% with 1,537 units for sale compared to the 1,213 listed for sale in July 2023. Monthly, inventory shifted down 0.9% from the 1,552 units listed in June.
The number of townhomes and condos joining the market in June decreased by 8.1% from last year’s 565 to 519. Likewise, new listings dropped from the 567 of last month, representing a 8.4% decrease.
Closed sales decreased 5.2% in June with 457 homes sold compared to the 482 of one year ago. The decrease came to 6.3% when compared to the 488 homes sold in June.
Pending sales saw a wider decrease in July with 405 home sales pending, compared to the 474 of last year. The decrease came to 10.8% compared to the 454 homes pending last month.
Days on the market increased 5.5% to 58 days compared to the 55 recorded last year. Median sales prices stayed flat at $245,000 compared to last year.