Industry NewsMarkets & Economy

Davenport weathers real estate storm

Agents say first-time buyers boost market

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Editor's note: Yesterday, Inman News reported on the Cape Coral-Fort Myers, Fla., metro area (see "Sunshine for Florida real estate?"), which led the nation with a 52.8 percent drop in the single-family median resale price in the second quarter compared to the same quarter last year. Today, Inman News reports on Davenport, Iowa, which led the nation with a 30.6 percent year-over-year increase. Davenport, Iowa, may not jump to mind as a nation-leading real estate market. And the area's real estate professionals, too, seem a bit shocked and cautious about a nearly 31 percent jump in the area's median resale home price from second-quarter 2008 to second-quarter 2009, reported by the National Association of Realtors trade group this week. "This is not headlines. It's just plain business as usual," said Lucky Lang, a top-producing Realtor for Mel Foster Co. Inc. in Davenport. And while acknowledging that his own business has been thriving and the local econ...