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New home purchases increase 10 percent

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More than 500 contracts for home purchases in Central Iowa were written in January, up nearly 10 percent from the previous month, according to a report by the Des Moines Area Association of Realtors (DMAAR).

“Despite the cold and snow we had in January, we have a good number of buyers willing to write purchase agreements,” said Kurt Schade, president of DMAAR. “Continued low interest rates and the stability of the Des Moines area housing market have helped keep buyers confident.”

In January, 331 homes were sold, compared with 463 during the same month last year. Additionally, there were only 5,418 active listings this January, compared with 6,424 in January 2008.

Homes were also on the market for an average of 10 days longer than in December. In January, homes were on the market for an average of 107 days, compared with 97 days in December. In January 2008, homes were on the market for an average of 90 days.

For more information and statistics regarding the Des Moines housing market, visit the DMAAR Web site, www.buynowDSM.com.

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