The Des Moines metro housing market welcomed a drop in mortgage rates, an increase in inventory, and a rise in pending sales in August.
August home sales were down 8.16% this month with 1,182 homes sold compared to July’s 1,287 homes sold. Year-over-year, August sales decreased 10.04% compared to the previous year’s 1,314 homes sold.
Pending sales in August saw a slight dip of 2.27%
Active listings had a jump in August with 3,688 homes, a 5.01% increase compared to July’s 3,512 homes listed. The jump was more significant year-over-year, increasing by 20.44% from the 3,062 homes listed at the same time in 2023.
Median sale price in the Des Moines metro area fell 2.67% in August, bringing the new median sale price to $291,000 compared to July’s $299,000. The median sales price in August saw a 1.87% increase in price compared to median of $285,655 of last year.
Days on the market jumped 8.89% in August with 49 days, compared to the 45 recorded in July. Last year, the number of days on market was listed at 38 days, resulting in a significant increase of 28.95%. Properties are staying on the market a little longer.
This is the perfect time for home buyers and sellers to jump into the market.
Additional statistics and information about the Des Moines area housing market are available at https://www.dmaar.com/news/housing-stats
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