According to the Iowa Association of Realtor (IAR) July 2009 Housing Trends report, Iowa home sales increased 4.5 percent in July. However, the average price dropped 1.7 percent. Compared to a year ago, Iowa home sales have increased 0.8 percent to 3,480 while the average sale price of homes increased 0.1 percent to $148,692.
IRA President Terry Knapp told the Des Moines Business Record that he attributes the slight drop in home price to the recent first-time homebuyer activity. First-time homebuyers typically buy more modestly priced homes. And, with the first time home buyer tax credit and low interest rates, it's been a great time to be a first-time home buyer.
Homes averaged 103 days on the market in July, down three days from June, but up nine days from July 2008.
Meanwhile, national foreclosure filings have increased by 7 percent from June and 32 percent from last year this time, CNNMoney.com reports. More than 87,000 properties were repossessed by lenders, bringing the year-to-date total to 464,058 repossessions.
One in every 355 U.S. homes had a filing in July, with Arizona (one of every 135) and Florida (one of every 154), hit the worst. Las Vegas topped the list of cities for the 31st consecutive month, with one filing for every 47 homes.
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