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Realtors cheer sales prices, caution that tax reform efforts could dampen home values


House sales dropped slightly in October, while the median sales price spiked 8.6 percent to $200,000, the Des Moines Area Association of Realtors said. October sales fell to 1,192 from 1,257 in September, but were above the year-ago level of 1,120. Pending sales increased to 1,257 from 1,105 in September and 1,084 in October 2016. Houses that sold last month were on the market an average of 65 days, up from 60 days in September. There were 3,597 houses on the market last month, down from 3,706 in September. The Realtors group also cautioned that tax reform efforts in the U.S. House of Representatives pose a threat to homeowners, saying that home values could drop 10 percent if the legislation is enacted.

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