WASHINGTON – November 23, 2016 – (RealEstateRama) — The median sale price rose 5.1 percent in October 2016 when compared to October 2015 according to the official Housing Trends Report from the Iowa Association of REALTORS® (IAR).
The median sale price for October 2016 was $145,000 as compared to $138,000 in October of last year.
The number of homes sold in October were down slightly at 1.4 percent less than last October. 3,425 homes were sold in October of this year, while 3,473 were sold during the same month last year.
The year-to-date numbers continue to show a steady year for Iowa residential real estate. Sold properties are up 3.5 percent for 2016 when compared to the same period last year
The days on market (DOM) increased by 5 days from last year. The average days on market in October 2016 was 76 compared to 71 DOM in October 2015.
“Limited inventory in most metro areas in the state favors home sellers. There is still time to sell your home before the end of the year. Interested buyers are motivated by the slight interest rate increases and predictions that the underwriting process may become less stringent in the future,” stated IAR President Cindy Miller. Read the Forbes article, How Trump’s Presidency Could Impact Real Estate for a national perspective written by NAR’s Chief Economist, Lawrence Yun.
The information used to create the IAR October 2016 Housing Trends Report was current as of November 14, at 3:40 p.m. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is updated hourly based on information present in local participating MLS (multiple listing service) systems.
The term Realtor® is a registered trademark, which identifies real estate professionals who follow a strict Code of Ethics as members of the National Association of Realtors®.
The Iowa Association of Realtors® is the state’s largest real estate professional organization representing over 7,000 members and affiliates. The IAR releases a Housing Trends Report each month. Data is collected from local Realtor® boards through their multiple listing service (MLS), which tracks sales activities in the board area. IAR compiles all of the local board data into the statewide report each month. Reports are available online to IAR members and affiliates with a login and password. Anyone is eligible to become an IAR affiliate. For membership information, visit www.iowarealtors.com.
For more information, please contact Mark Gavin, Director of Communications at Iowa Association of REALTORS® mark (at) iowarealtors (dot) com