Industry News

Iowa real estate slowdown deepens

Sales fall by double digits in November

Iowa home sales fell for the fifth straight month in November as the statewide median home price held steady with its year-earlier level, the Iowa Association of Realtors reported Wednesday. According to statistics, there were 2,692 property sales statewide during November, down 10 percent from a year earlier when 3,013 homes sold. Sales have been falling steadily since July 2006 when 3,797 closings were recorded. The state's median home price at $128,000 was unchanged from November 2005, although it crept up from $109,650 in October. The steepest decline in sales among large metro areas was reported in the Greater Sioux City area where sales dropped 17 percent year-over-year in November to 157, while the median home price grew 11 percent to $98,900. Sales in Waterloo-Cedar Falls were down 14 percent during the period, falling to 163, and the median home price sank 6 percent to $94,000. Greater Davenport also saw a 14 percent drop in sales from a year ago, posting 173 sales in N...