October Home Prices Increased, While Sales Dipped Slightly

November 11, 2021 Des Moines metro home sales in October dipped by 3 percent from a year ago while home prices increased over 10 percent according to the Des Moines Area Association of REALTORS® (DMAAR). 
 
1,496 residential properties sold in October 2021, while 1,547 homes sold in October of 2020.
 
The median sale price increased 10.6 percent to $260,000, compared to $235,000 in October of 2020.
 
The median of 8 days on the market takes the middle set of numbers in a data set which in this case more accurately reflects the fast-paced market in the Des Moines metro area. The average days on market calculated to 30 days.
 
The amount of available properties on the market in October dropped slightly over last month with 2,255 properties on the market compared to 2,279 properties in September. In October of 2020, there were 2,566 properties on the market.
 
1,116 properties or 75 percent of sold properties were financed conventionally. Cash purchases amounted to 10.2 percent of the sold properties. 8.7 percent of sold homes were financed with an FHA Loan.
 
“The market in October seemed to be fairly steady and showed the typical seasonal slowdown in activity. We were pleased to see the number of properties on the market was almost equal to last month. We know construction continues in many neighborhoods within the Des Moines Metro while we enjoy some nice fall weather,” stated DMAAR President Ted Weaver. 
 
"Interest rates are still low, we're expecting them to increment up over the next year, and so your purchasing power is likely at its all-time high and with those inventory levels going up you've got a much better chance of finding a home,” continued Weaver.
 
Additional statistics and information about the Des Moines area housing market are available at the DMAAR Housing Stats web page.
 
The Des Moines Area Association of REALTORS® is a professional association that represents more than 2,600 REALTOR® members. The mission of DMAAR is to be the voice of real estate in the Des Moines area. The term REALTOR® is a registered trademark, which identifies real estate professionals who adhere to a strict Code of Ethics as members of the National Association of REALTORS®.