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The onset of colder weather cooled the Iowa housing market in October.
Following national housing trends, Iowa saw a decrease in sales, but experienced a welcome increase in new listings. (See how Ringgold County fared in the chart below).
The new inventory provides a double dose of good news: those searching for their new homes are seeing a bit more choice, while those listing continue to see competitive offers.
“While Iowa isn’t immune to the national trends of higher interest rates and climbing sales prices, our housing market continues to provide a wealth of opportunities for buyers and sellers,” Krista Clark, IAR president said. “The fall is when we typically see a cooling of the market and that’s true this year. However, we’re seeing signs that mortgage rates have peaked and may be ready to level out. This provides opportunities for prospective buyers and sellers who should reach out to their trusted REALTOR® to explore their opportunities before the typically hectic spring market.”
While inventory has been tight for much of the year in Iowa, September welcomed a slight increase in new listings with 3,422 newly listed homes, a 1.7% increase compared to the 3,364 listings one year ago.
The metric is an increase of four from the 3,418 new listings recorded in September.
Home sales continued to decline in October: the 2,643 sales represent a 11.8% decrease from October 2022 and a 7.3% decrease from last month.
The pending sales of 2,466 homes in October represented a 6% decrease from one year ago. The opposite was true monthly, with October seeing a 2.4% increase from the 2,408 homes pending in September.
The days on the market increased year-over-year to 37 days compared to the 32 day average of October 2022. Median sales prices increased 8% year-over-year to $216,000.