Market reports: Iowa, Houston

Home sales in Iowa in May remained in line with those of the previous year while prices rose 5.4%

Market reports: Iowa, Houston
Home sales in Iowa in May remained in line with those of the previous year while prices rose 5.4%.

The Iowa Association of Realtors reports that sales prices hit a median of $155,000 for the 4,398 homes sold in the month, down slightly from 4,403 a year earlier.

“Iowa real estate saw a small increase in activity in May. New active properties were up 5.6 percent from last year. Sales were at the same level as May of last year while days on market decreased again. Spring and summer are typically the most active months in Iowa real estate. Now is still a great time to buy or sell your home as mortgage rates are expected to increase later this year,” stated IAR President, Cindy Miller.

Homes in the state were selling faster last month compared to a year earlier with average days on the market of 75, 10 fewer than in May 2016.

In Houston, the market continues its heat with sales of 8,156 homes in May, outpacing the 7,315 of a year earlier.

"The Houston housing market had another strong showing in May with sales and rental properties alike, and inventory continues to accommodate the growing demand,” said HAR Chair Cindy Hamann with Heritage Texas Properties. "If we can maintain this pace, there’s no doubt that 2017 will be a record year for Houston real estate."

The single-family home median price climbed 4.4% to $235,000, the highest median price of all time. The average price rose 4.3 percent to $302,362, the second highest average ever.