House sales volumes and prices continued to climb across the state in May, the Iowa Association of Realtors said today.
Sales rose 10.4 percent to 3,906 from 3,537 in May 2012. The average sale price was $161,962 last month, compared with $151,531 a year earlier. Houses were on the market an average 94 days, down from 103 days last year.
The statewide housing market inventory dropped 11.2 percent to 18,887, while the number of active listings increased to 5,989.
The combination of the substantial jump in sales, increased prices and pending sales, and the slight upward tick in inventory from last month gives us reason to believe the market should stay busy for the next few months," Iowa Association of Realtors President Don Marple said in a news release. "We anticipate steady market movement throughout the summer."
Earlier this week, the Des Moines Area Association of Realtors said the median price of houses sold in the metro area increased in May to $165,000, the highest level since 2007.
Greater Des Moines agents closed 1,027 contracts last month, up from 802 in April and 864 a year earlier. Houses were on the market 103 days, a number little changed over the last year.