Des Moines reaches new record high home sales prices

Home sale prices recently hit a new high in the Des Moines metro, up 55% since before the pandemic, according to new data from Redfin.

Why it matters: Strong home values build homeowner wealth and contribute to the local economy but can also worsen affordability gaps for low-income families, which metro officials have battled for years.

By the numbers: The median sales price of a metro home was $300,000 in May, up from $193,500 in January 2019.

• Our prices remain below the national price average, which climbed 61% during that time, from about $272,000 to $440,000, per Redfin.

Separately: Data from the DSM Area Association of Realtors for the three-month period that ended in June also shows a record-high median sales price.

• That was $307,000, according to a video presentation published this week by Les Sulgrove, a local realtor and former president of the association.

What they're saying: Prices continue to rise in the metro because of low inventory and affordability, Sulgrove said in his presentation.

• DSM didn't see huge price jumps during the pandemic compared to places like Florida , where markets have since softened, he said.

Yes, but: The DSM market is also showing recent signs of slowing down with the number of pending sales trailing off and list prices slightly down, Sulgrove said.

• Nationally, pending sales in April fell to their lowest level in four years given higher interest rates.

The big picture: Monthly mortgages were just over $1,400, or roughly 26% of the typical national monthly bill, per Zillow data reported by KCCI reported in March.

What we're watching: Des Moines city officials are exploring an idea to create a community land trust to maintain affordable housing for low-income families.

• A city advisory committee will meet next week to review how resales could work.