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Greater Des Moines home sales rise again

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Expiration of a tax credit for first-time home buyers has not dampened home sales in Greater Des Moines.

The Des Moines Area Association of Realtors said today that sales increased 9 percent in June from May.

“These stats are encouraging, especially since they reflect business that has occurred after the home stimulus ended,” said Joanne Mangold, president of the association.

Realtors wrote 586 contracts last month, up from 468 in May. They closed on 1,015 sales, an increase from 932 in May.

The average sales price increased to $172,510 from $158,828 in May. The figure also is an increase from June 2009. The average number of days a house was listed for sale dropped to 85 from 92 in May and 106 in June 2009. The number of active listings increased last month to 5,795.

“There are some real nice indicators in the (numbers),” Mangold said. She said some home buyers are moving into more expensive homes, as opposed to starter homes.

Mangold said she is optimistic that Greater Des Moines will have a “decent summer for homes sales, as long as interest rates stay low.”

At the end of last week, mortgage rates were between 4.5 percent and 4.78 percent, she said.

A national report last month said that new home sales fell 33 percent after an $8,000 tax credit for the purchase of new homes expired April 30. The Des Moines real estate group reported that 886 contracts were written and 572 were closed in the last month of the tax credit program.