Home sales and prices continue to climb in the Omaha area and in Iowa — with the state of Iowa this summer hitting its highest median sales price since at least 2005.
According to a new housing trends report released by the Iowa Association of Realtors, the number of home sales that closed in July was up 18 percent over last July. Since the start of the year, sales are up about 8 percent compared with 2012.
Meanwhile, the median price of Iowa homes that sold in July rose to about $143,000, a 7 percent increase over last July.
Don Marple, association president, said the last two months marked the highest average and median sales prices since the association began its current data tracking system in 2005.
He said the average number of days a sold home stayed on the market has dropped 20 percent since last year, to about 78 days. That turnaround time is the quickest since the summer of 2005.
“Properties are moving fast,” Marple said.
In the Omaha area, the number of home sales that closed so far this year is up about 6 percent over last year, while the number of homes signed to a contract in July jumped 19 percent over the previous July.
The median sales price increased about 3 percent last month compared with the year before, to $148,000, according to the Omaha Area Board of Realtors.
The average time a sold home stayed on the market in the Omaha area has dropped more than 20 percent from last July's level, from 55 to 43 days.
Lower inventory likely has contributed to the faster turnaround in today's seller's market, agents say.
In both Iowa and Omaha, the number of homes for sale is about 8 percent lower than in July 2012.