1,628 homes sold in Des Moines area in August, outpacing last year’s sales
BUSINESS RECORD STAFF Sep 18, 2020 | 7:58 pm
1 min read time242 wordsAll Latest News, Real Estate & Development
More than 1,600 houses were sold in the Greater Des Moines area in August, outpacing the number sold in both August 2019 and August 2018, data from the Des Moines Area Association of Realtors shows.
It was the third consecutive month that home sale numbers exceeded those of the previous two years.
“Interest rates are still some of the lowest we’ve seen,” Lance Hanson, the association’s president, said in a prepared statement. “The only thing holding the market back is our lack of inventory.”
On Thursday, the average 30-year fixed mortgage rate was 2.87%, according to Freddie Mac, the federally chartered mortgage investor. A week ago, it was 2.86%. The 30-year fixed rate has been under 3% for nearly two months.
Between Jan. 1 and Aug. 31, 10,175 houses were sold in the Des Moines area, 10.5% more than were sold during the same period in 2019 and 6% more than in 2018, association data shows.
The Des Moines association’s data also showed:
•The median home sale price in August was $240,000, 9.6% higher than a year ago. In July, the median home sale price was $229,900.
•The average number of days on the market in August was 50, the same as it was in July and June.
•The number of houses for sale fell to 2,654, slightly less than the 2,785 on the market in July and 35.7% less than were on the market in August 2019.