Another brighter outlook for the American dream

Monday, July 16, 2012

Housing news from a state association offers an encouraging economic sign.

Home sales and prices are continuing their upward trend in Iowa.

The Iowa Association of Realtors latest report showed 3,940 homes sold/closed in June 2012 compared to 3,485 in June of 2011.

Median and average sale prices throughout the state were both up as well, the state realtor's group reported.

The median sale price in Iowa increased by 3.5 percent while the average sale price jumped 6.8 percent.

The median sale price was $139,743 in June 2012, compared to $135,000 in June 2011.

The average sale price in June 2012 was $162,402. The increase was more than $10,000 compared to a year ago.

Twenty-six of the forty-four local realtor boards across the state reported an increase in sales.

According to the Iowa Association of Realtors data, the average sale price of $162,402 in June set a new all-time high for statewide average sale price. The old record was in set in June of 2008.

May and June prices this year were higher than 2007, before the economic uncertainty began, according to the association.

Iowa's statewide inventory of homes on the market at the end of June was 21,630, down 13.2 percent from last year when the inventory was nearly 25,000 homes. New active listings decreased by 6.8 percent.

The real estate market for housing is roughly a seven-month supply of inventory.

The association terms that a nearly balanced buyer/seller market, offering opportunities for parties on both sides of the sales transaction.

The latest information on homes sales and prices confirms the value of home ownership in Iowa.

That's welcome news for home buyers and home sellers who want to be part of the American dream of home ownership.