Although Iowa home sales overall gained modestly in May from their year-ago level and the median home price held steady, several markets are seeing significant slowing, according to the Iowa Association of Realtors.
Realtors reported 3,953 home sales statewide in May, up 4.2 percent from 3,793 recorded in May 2005, but it’s a different story in some larger cities.
Sales in Des Moines, the state capital, actually dipped 0.9 percent year-over-year in May to 1,043, down from 1,053 a year ago. The city’s median home price inched up 0.5 percent during the period, rising from $148,300 to $149,150.
Sales in Cedar Rapids declined 8 percent during the same period, from 490 to 451, while the median home price remained at $125,000.
The overall median price of an Iowa home in May was $128,325, up just 0.1 percent from a year ago when the median was $128,250. The median is a typical market price where half of the homes sold for more and half sold for less.
Among the cities reporting the strongest gains in May, Greater Davenport saw 284 home sales, up 8 percent from 263 sales a year earlier, while the median home price dipped 0.7 percent to $128,350.
The Iowa City area posted a 13 percent gain in sales year-over-year, rising from 266 to 302, as the median home price fell 13 percent to $140,500.
The Iowa Association of Realtors is one of the state’s largest real estate professional organizations, representing more than 7,500 members and affiliates.