Home sales in Iowa decreased last month by 9.2-percent compared to August 2013, according to a new report from the Iowa Association of Realtors. I-A-R President Kathy Miller isn’t entirely sure why home sales dropped off so significantly, but she says the start of a new school year may offer some explanation.
The report shows 3,685 homes were sold in August 2014, while 4,059 homes were sold in August 2013. Miller also credits a low inventory, combined with buyers who are waiting for the right home.
While home sales decreased, prices increased by 4.7-percent over the one year period. The average price of a home sold in Iowa last month was $168,316. That compared to $160,688 in August of 2013. The I-A-R report found that average home sold in Iowa last month spent 79 days on the market, up from 78 days compared to a year ago.
