Iowa Realtors Await Projected Interest Rate Cut

(Des Moines) Talk of a quarter-percent interest rate cut next month could lift the real estate market.

Les Sulgrove, Iowa Association of Realtors, says an interest rate cut next month would indirectly affect mortgage rates, which could dip slightly.

Meanwhile, in July, the housing market in Iowa continued to show strength, with increased inventory and strong sales figures.

The Iowa REALTORS® is optimistic that the active market will persist into the fall season. The inventory of homes for sale increased by 22.6% in July, with 7,721 homes on the market compared to 6,300 homes last year.

New listings also increased by 4.8% to 3,893 homes compared to the same month last year. Home sales saw a 2.7% increase with 3,191 homes sold in July. However, pending sales declined by 8.5% compared to last year.

The median sales price rose by 6.3% to $249,900 compared to the previous year. For townhouses and condos, the inventory increased by 27.6% in July with 1,537 units for sale. However, closed sales decreased by 5.2% with 457 homes sold, and pending sales also saw a wider decrease of 10.8% compared to last year.