Iowa Home Prices Up Slightly

Iowa Home Prices Up Slightly 

CLIVE, IOWA (March 12, 2014) – According to the Iowa Association of REALTORS^® (IAR), home prices rose slightly and sales decreased in February. 

IAR’s March 2014 Housing Trends Report shows that the average sale price of homes across Iowa was $141,489, up .5 percent from last March.  The average sale price in March 2013 was $140,751. 

According to IAR, sales decreased by 5.1 percent from last year. IAR reports 1,792 homes sold in March 2014, while 1,889 homes sold in March 2013. 

Twenty-six of Iowa’s 44 local boards reported increases in average sale price, while 16 boards had increases in the number of sales.

The statewide average number of days on the market last month was 103 days, up 1 days or 1 percent from last March. Twenty-three boards showed a decrease in days on the market.

Kathy Miller, IAR 2014 President, says, “The extreme cold, snow, and wind that we’ve experienced this winter, has defiantly influenced buyers and sellers across the state.  Sellers are inclined to wait for warmer weather to list, and buyers are reluctant to move in the inclement weather we’ve experienced.”  Miller expresses optimism by saying, “However, spring is in the air; and we’re sure to see an increase in activity in March.  Interest rates remain low, which should bring buyers to the table and help sellers get their properties sold.” 

Home sales prices continue to rise

CLIVE, IOWA (Feb. 13, 2014)-According to the Iowa Association of Realtors® (IAR) home sales dipped slightly in January, however home prices continued to rise. 

In the January 2014 Housing Trends Report, IAR reports that the average sale price increased by another 6 percent and the median sale price was up 3.4 percent.  The average sale price was $136,489 in January 2013 and $144,724 in January 2014.  The median went from $116,000 in January 2013 to $120,000 in January 2014.  Twenty-nine of the 44 local Realtor® boards in the state reported increases in the average sale price, and twenty-eight had increases in the median sale price. 

Sales across the state saw a decrease of 9 percent from last year at this time with 176 fewer homes being sold in January of this year.  The report shows that 1,954 homes were sold in January 2013, while 1,778 homes were sold in January 2014.  Eighteen boards saw increases in sales in their respective areas last month.  

The average days on the market (DOM) was 94 days, down 8 days or 7.8 percent from last January.  Twenty-eight of the local boards saw a decrease in DOM.  

Kathy Miller, IAR 2014 President says, “We continue to feel optimistic about the housing market given the decrease in DOM and increase in sales price.  However, being the 9^th coldest winter in the past 121 years has proven to be a hindrance on sales throughout the state. Like many Iowans, Realtors® are looking forward to warmer temperatures!”

The information used to create the IAR January 2014 Housing Trends Report was current as of February 12 at 8:07 a.m. The information is subject to change due to the dynamic nature of the IAR’s housing statistics system, which is updated hourly based on information present in local participating MLS (multiple listing service) systems. 

The term Realtor^® is a registered trademark, which identifies real estate professionals who follow a strict code of ethics as members of the National Association of Realtors^®. The Iowa Association of Realtors^® is the state’s largest real estate professional organization representing more than 6,400 members and affiliates. The IAR releases a Housing Trends Report each month. Data is collected from local Realtor^® boards through their multiple listing service (MLS), which tracks sales activities in the board area. The IAR compiles all of the local board data into the statewide report each month. Reports are available online to IAR members and affiliates with a login and password. Anyone is eligible to become an IAR affiliate. For membership information, visit www.iowarealtors.com.

First time homebuyers, receive a federal tax credit up to $2000

The Iowa Finance Authority (IFA) is pleased to announce the launch of the 2014 Take Credit! Mortgage Credit Certificate (MCC) Program. The IFA Board of Directors has approved an allocation of approximately $75 million of private activity bond volume cap to be used for issuing MCCs in calendar year 2014, which is estimated to assist 585 new home buyers through the program.    Funds will be available for reservation by Take Credit! Participating Lenders starting on February 3, 2014. At that time, funds may be reserved on behalf of qualified borrowers making new purchases. Only borrowers with a written Commitment Notice from IFA prior to closing will be eligible to receive an MCC.  2014 Take Credit Program Overview Take Credit! allows a participating home buyer to claim 30% of their mortgage interest, up to a maximum of $2,000 as a federal income tax credit each year for the life of the mortgage, up to a maximum of 30 years. Eligible financing is limited to 30-year, fixed-rate, fully amortizing mortgage loans. Applicants must meet applicable federal income limits for Iowa, which vary by county. Applicants must meet ONE of the following: be a first-time home buyer OR purchase a home in a Targeted Area OR be a military veteran. The purchase price of the home may not exceed $305,000, if located in a Targeted Area or $250,000, if located in a Non-Targeted Area. The property must be a newly financed purchase closing after the effective date of the 2014 Program. The property must be purchased as a primary residence and intended for occupancy by the applicant immediately following closing. The full 2014 Take Credit! Program Guide is now available on the IFA web site.