The Des Moines Housing Market Heats Up!

The Des Moines housing market is heating up this summer with fresh signs of buyer opportunity and shifting trends, according to metrics tracked by the Des Moines Area Association of REALTORS®, providing valuable insight for those looking to take advantage of the robust summer housing market. 

Home inventory rose 20% year-over-year, giving buyers more to choose from. Home sales increased, while the median sale price slightly decreased. Days on market rose annually but fell compared to May, and financing trends show more buyers using FHA and conventional loans.

Available homes increased 20% in June with 4,054 active listings compared to the 3,375 of last year. This is also an increase of 60 additional homes from last month; a 2.7% increase month-over-month.

Home sales increased by 11.4% to 1,424 closed contracts from the 1,278 contracts closed this time last year. Month-to-month data also increased from 1,403 homes sold in May, a 1.5% increase.

Metrics continued to increase with pending sales in June, which saw 1,306 contracts written, a 6.6% increase from the 1,278 pending sales of last year. Though pending sales increased yearly, month-over-month comparisons showed a downshift of 9.7% from the 1,447 pending sales of May. 

Median sales price dipped by 0.65% to $305,000 in June compared to the median sales price of $307,000  last year. However, the median sales price showed a slight increase compared to last month, when the median price was $300,000. 

Days on market increased rather significantly from 47 days on market this time last year, to 54 days this year, an increase of 14.8%. However, when compared to last month, the days on market fell from 61 days, for an 11.4% decrease. 

Conventional financing of homes totaled 1,007 of purchases. FHA loans made up 135 total financed purchases this month, while cash accounted for 210 total purchases.