Officials with the Iowa Association of Realtors (IAR) report April’s real estate sales dipped 8.8 percent. The Housing Trends report shows median sales price rose almost 10 percent over April 2021. There was a decline over 396 homes sold when comparing April 2022 to April 2021. The report shows 3,591 sold last month, compared to 3,938 in April 2021. On a brighter note, pending sales were up almost 11% from April 2021. Compared to the first 4 months of 2021, sales are only .8 percent lower this year.

The median sales price for April 2022 increased 9.8% to $209,700 compared to $191,000 in April of last year. The Realtors Association says that is is a record high for median sale price in Iowa. The number of homes available for sale continues to be low in many price ranges. The inventory of homes was 28 percent lower than in April 2021 with only 6,522 homes on the market statewide.  The average days on market for properties continues its decreasing trend. April saw an average of 36 days on the market. That is 26.5 percent faster than April of last year.

IAR President Byrin Menke said, “While sales did drop in April, we’re encouraged by the almost 11 percent rise in pending sales. This bodes well for May and June. We believe April’s rainy and cold weather may have impacted sales and construction of new homes in Iowa. We’re looking forward to improved weather and real estate activity in May and June. With mortgage rates rising and a tight inventory, we encourage buyers to have all their finances in order and get pre-approved. Find a local, trusted Realtor to help you through these market conditions.”