WEST DES MOINES, Iowa — It's not just the temps climbing in the Hawkeye State this summer. The Iowa Association of Realtors said the housing market broke another record last month.
Homes were selling nearly 46% faster, or in 33 days on average, compared to a year ago. Sales rose 8.8% from June 2020, according to IAR. Median sales prices rose 13.2%.
The bulk of homes sold were to single-family detached homes that were selling in 31 days. Townhouses or condos were selling slightly slower at an average of 46 days.
The average cost of homes sold last month came in around $205,000 compared to a little more than $181,000 in 2020.
The number of homes on the market is still pretty low in most price ranges. IAR reports its inventory of homes was 25.9% lower than June 2020 with just 9,378 on the market.
“While homes in June sold very quickly, we are seeing an increase in homes available for sale. We’ve experienced a slow increase in homes available for sale the last four months and hope that continues after seeing 11 months of declining inventory. If this trend continues, this will help stabilize our market over the long-term,” stated IAR President Jen Burkamper in a press release.