(Des Moines, Iowa) – The Iowa housing market experienced a welcome October surprise, with every metric tracked by Iowa REALTORS® falling into the positive. A late September interest rate drop by the Federal Reserve buoyed buyer and seller sentiments throughout the pinnacle fall month.  Iowa Realtors President Shaner Magalhães says “Buyers and sellers across the state enjoyed a bountiful housing market harvest last month. Increases in inventory and sales show that while many Iowans are firmly planted in their homes, there’s opportunity and desire to make moves even in the typically slower fall months.”

The number of homes on the market across the state grew by double digits in October. With 3,925 homes on the market in October, new listings jumped 15.5% from the 3,397 listed last year at the same time. Monthly the increase was more conservative: a 1.3% increase from September’s recorded 3,873 new listings. Overall inventory saw similar increases in October with 8,819 homes for sale. The inventory represented a 21.9% increase from the 7,236 homes listed last year, and a 2.1% increase from the 8,636 homes listed last month.

Single-family home sales increased 9.1% in October with 2,973 sales completed compared to the 2,726 homes sold in October 2023. The increase was wider month-over-month, jumping 11.3% from the 2,668 homes sold in September. Pending sales continued to increase, showing that buyers continued to take advantage of the market throughout the month. With 2,685 pending sales, October saw an increase of 2.2% from the 2,627 pending sales of the prior year. Monthly, pending sales increased by 0.93% from the 2,660 pending transactions recorded in September. Days on the market increased 13.5% to 42 days compared to the 37 days of last year. Median sales price also increased by 9.3% to $235,000 from the $215,000 of a year ago.

Les Sulgrove, Iowa Realtors statewide housing analyst says “Real estate markets across Iowa vary significantly, with rural areas experiencing slower changes compared to the dynamic metro markets. Affordability, influenced by mortgage rates and the broader economy, remains the key factor driving sales statewide.”

Townhouses and Condos
The townhouse and condo market also benefited from a later fall boost, with positive movement across all metrics tracked. Overall inventory increased 18% in October with 1,598 properties listed compared to the 1,354 properties for sale last year. The increase was much smaller monthly, jumping just 2.9% from the 1,553 homes for sale last month. New listings experienced a similar boost, the 576 properties listed in October came to a 22.8% increase from the 468 townhomes and condos that joined the market in October 2023. Monthly, 30 more properties  were added to the market, a 4.9% increase from the 546 new listings recorded in September.

October saw 426 closed sales of townhomes and condos, a 19% increase from the 358 properties sold last year. Compared to September, sales increased 22.8%. Pending sales experienced a 16.3% increase from 343 pending transactions in October 2023 to 399 pending sales last month. Monthly, the increase was 6.7% from the 374 pending sales of September.  Days on the market increased 7.7% in October to 70 days compared to the 65 of one year ago. The median sales price increased 0.3% in October to $250,000 from the $249,195 median recorded in October 2023.

More housing stats can be found HERE.