The Iowa Association of Realtors report for July says the state housing market continued to see sales and inventory drop.

Home sales were down by nearly 21 percent in July compared to last July. That’s a drop of 677 homes sold for a total of three-thousand-11 in the month. The number of sales from June to July of this year mirrored the yearly trend, down 20 percent.

The report says higher interest rates and a lower inventory led to the decline. The number of homes on the market in July decreased by a little more than 12 percent compared to July of last year. Homes sat on the market for 33 days this July before a sale — compared to the 23 day average of July 2022.