Des Moines, IA- The median home sale price in the state of Iowa in July was nearly $240,000, a record high.
Radio Iowa reports that Iowa Association of Realtors data shows just over 3700 homes were sold in the state in July. That’s a nearly 29% drop in sales volume compared to the same month last year.
There also was a 22% drop in the number of Iowa homes listed for sale in July. Those trends fueled the record median price for an Iowa home sold in July. It was up 17% compared to July of 2021.
The Realtors’ report indicates Iowa homes are selling quickly, averaging just 24 days on the market in July, and that’s 20% faster than July of last year.
However, the president of the Iowa Association of Realtors says the housing market is cooling off, as home prices and mortgage rates rise.
