Existing home sales in Iowa recover

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There was a recovery in the existing home sales market in Iowa, the Midwest and the country in 2009, according to statistics from the National Association of Realtors.

The total number of existing single-family homes, apartments, condominiums and co-ops sold in Iowa increased to 58,000 in 2009 from a total of 55,700 in 2008. That was a 4.1 percent increase from 2008, a year that saw a 21 percent decrease from the 70,500 sales in 2007. See the full statistics.

Following a drop of 10 percent in the first quarter of 2009, the seasonally adjusted annual rates in the last three quarters all showed growth over the preceding quarter. The adjusted annual rate peaked at 66,800 in the fourth quarter.

The 2009 existing home sales was the first increase since 2005. Since figures were first compiled in 1987, the lowest point in existing home sales was 48,000 in 1997. That, however, was followed by the largest increase in that span of 17.7 percent, to 56,500 in 1998. 2008 had the worst decrease, 21 percent.

The Midwest reported 1.17 million existing home sales, up 3.2 percent over 2008’s total of 1.13 million, and the United States reported 5.16 million, up 4.9 percent from 2008’s total of 4.91 million.

The yearly average median sales price of existing single-family homes in Des Moines decreased to $149,300 in 2009 from $153,200 in 2008. In the Midwest, the yearly average dropped to $142,500 in 2009 from $150,500 in 2008. For the nation, the yearly average dropped to $173,200 in 2009 from $196,600 in 2008.