Pace of home sales slows in Des Moines area in July
BUSINESS RECORD STAFF Aug 22, 2022 | 3:49 pm
1 min read time239 wordsAll Latest News, Real Estate & Development
The number of residences sold in the Des Moines area dropped to 1,452 in July, 13.6% fewer than June’s 1,682 sales, Des Moines Area Association of Realtors data shows.
July’s home sales were fewer than the total sold in July 2021 (1,703 sales) and July 2020 (1,866). However, the number of sales recorded in July 2022 was similar to the years leading up to the pandemic. For example, in July 2019 there were 1,420 sales and in July 2018, there were 1,462 sales.
“Home sales dropped in July, which is in line with much of the metros in the U.S.,” said Jen Stanbrough, the association’s president. “Inflation and the relatively small supply of homes on the market has contributed to the sales drop and the increase in the median sale price.”
Other highlights from the association’s July report on home sales in the Greater Des Moines area, which includes Polk, Dallas, Warren, Jasper, Marion, Madison and Guthrie counties, include:
- The median sale price of a residence was $272,990, 3.7% less than June’s record of $283,500.
- Residences sold in an average of 25 days in July. In June, residences sold in an average of 22 days. Of the 1,452 residences sold in July, 81%, or 1,188, were sold in 30 days or less.
- Ten of the residences sold in July were priced at $1 million or higher. In July 2021, eight were sold for $1 million or more.