(West Des Moines, Iowa) – Officials with the Iowa Association of Realtors (IAR), Wednesday, said August’s home prices were up 13.3 percent and sales decreased 23.3 percent according to the Housing Trends by the IAR.  3,802 homes sold in August 2022. In August 2021, 4,956 properties were sold. For the first eight months of 2022, Iowa has experienced a 10.4 percent decline in sales compared to the same period in 2021.  The median sales price for August 2022 was $229,900 compared to $203,000 in August of last year.

The number of homes available for sale continue to increase after record low numbers this Spring. Our inventory of homes was 20.3 percent lower than in August 2021 with 7,510 homes on the market statewide. 

“Home sales typically start to slow in August with families finishing up vacations, so many Iowans attending the state fair and school starting up. After a summer of inflation and higher interest rates, many experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Price growth is expected to moderate in the future as the market shifts in a more buyer-friendly direction,” stated IAR President Byron Menke.

Homes continue to sell quickly. August saw an average of 27 days on the market. That is almost 13 percent faster than August of last year.