Industry News

Iowa enters real estate slowdown

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Home sales in Iowa declined 5 percent in July compared to the same month last year, while prices remained flat, according to statistics provided by the Iowa Association of Realtors. Realtors recorded 3,797 sales in July, down from the year-earlier total of 3,981. The overall median price of an Iowa home registered $129,350 in July, up just 0.5 percent from $128,700 a year earlier. The median is a typical market price where half of the homes sold for more and half sold for less. Sales in Des Moines, the state capital, dropped 9 percent year-over-year in July to 1,020, down from 1,126 in July 2005. The city's median home price dipped 0.5 percent during the period, falling from $149,200 to $148,500, and also inched lower from June. In Cedar Rapids, home sales sank 16 percent during the same period, falling from 452 to 380, while the median home price grew to $133,000, up 2 percent from $129,975 a year earlier. The Iowa City area posted an 18 percent annual sales decline in July, sinking ...