News and Events

By Donnelle Eller, Des Moines Register

Home sales in August slipped from July and a year earlier, a new report showed, although pending sales climbed as first-time homebuyers rushed to take advantage of an $8,000 tax credit.

A new report showed 775 homes had been sold in August, 13 percent fewer than July and 3.4 percent fewer than August 2008.

The number of pending sales, though, increased nearly 8 percent to 988 in August compared with July and 30 percent over a year earlier, said the Des Moines Realtors Association in a report today.

The group said it’s the most pending sales its seen since August 2006. The group said the first-time homebuyer tax credit, which ends Dec. 1, has helped stimulate sales. The national recession began December 2007 took hold of Iowa nearly a year ago.

Area home sales have slumped until July, when the group said it sold more homes than in any month in nearly two years.

Increased entry-level home sales has tugged on the average sales price, slipping $459 to $164,836 from July to August. A year ago, the average sale price was $179,191.

“Last month, homes were on the market for an average of 93 days, which is the lowest number so far this year,” said Kurt Schade, president of the real estate group. Homes were on the market an average of 105 in July and 97 days in August 2008.
“Sellers are getting the message that condition and price are key components to a quicker sale,” Schade said.