There were more homes sold across the state in October compared to the same month a year ago. The Iowa Association of Realtors (IAR) reports 3,349 homes were sold last month. That’s an increase of three-percent (3%) from October 2013 (3,251 homes sold). IAR President Jon Yocum of Davenport says the number of pending sales also increased from year-to-year. “I think the low interest rates have a lot to do with that,” Yocum said. “We’re also finishing up our summer market, so people who made offers in August and September were closing in October.”

Interest rates have been hovering between 3.25 and 4 percent on a 30-year fixed mortgage, according to Yocum. The average sale price of a home sold last month in Iowa was $157,231. That’s up slightly (less than $100) from a year ago. Meanwhile, the state’s home inventory decreased 1.2 percent compared to October of 2013. “Our sales prices are up, but our sales volume is down over a year ago,” Yocum confirmed. The IAR report also shows the average days on the market for a home sold in Iowa was 85 days in October 2014, compared to 78 days in October 2013.

“All in all, across the state of Iowa, things are looking very good,” Yocum said. Yocum was just recently installed as the new president of the Iowa Association of Realtors. He’s worked as a Realtor in Iowa for over 26 years and has been with Mel Foster Company in the Davenport area since 1996.

(Radio Iowa)