July 2018 Housing Trends

August 13, 2018

July Housing Trends

The hot summer sales are cooling off in the Des Moines area according to the housing trends reported by the Des Moines Area Association of REALTORS® (DMAAR).

1,462 homes sold in July 2018 which is down from June at 1,530 homes sold; however, July 2017 showed 1,324 homes sold which is an increase of 10.4 percent from last year to this year.

The median sale price decreased 2.8 percent from June 2018. Prices remain elevated when comparing 2017 to 2018. July 2018 was 6.8 percent above July 2017.

Days on market dropped even further from 51 days in June 2018 to 44 days in July 2018.  This is a 13.7 percent decrease from the previous month and a whopping 21 percent decrease from July 2017.

The number of properties currently for sale has increased 4 percent with 3,664 active listings in the metro area. June 2018 showed 3,521 active listings.

65.8 percent of homes sold in July 2018 were financed conventionally. 10.9 percent of homes sold in July were cash purchases and 10.5 percent were financed with an FHA loan. 

Realtors® work, live, and volunteer in the communities they serve. DMAAR and its members serve on boards in the local community because being a Realtor® means protecting homeownership rights at all levels. When you use a Realtor to buy or sell a home, not only are you getting expert advice and support, you are making a difference in your community.