Hawkeye Reporter

The costs of houses in Iowa continues to rise much like the inflation rate in the U.S. market.

“While homes in June sold very quickly, we are seeing an increase in homes available for sale,” Iowa Association of Realtors President Jen Burkamper said, according to We Are Iowa. “We’ve experienced a slow increase in homes available for sale the last four months and hope that continues after seeing 11 months of declining inventory. If this trend continues, this will help stabilize our market over the long-term.”

Compared to a year ago, houses in Iowa sold 46% faster with an average duration of 33 days on the market. Sales have increased by 8.8% since June 2020, the Iowa Association of Realtors reported. Median sales prices climbed by 13.2%. 

Single family homes led the growth, selling in an average of 31 days, with townhouses and condos behind at 46 days. The cost of homes rose significantly, averaging $205,000 last month, compared to $181,000 in 2020. The inventory was also 25.9% lower than last year, with only 9,378 homes on the market in June, We Are Iowa reported.

A MarketWatch report warned of steeply inflating housing prices and said that “an inflation storm is coming for the U.S. housing market." 

Similarly, data released by the National Association of Home Builders survey revealed that 62% of home builders have increased their prices, 59% are pre-ordering materials and 20% have abandoned projects altogether due to inflated prices. The data also showed that 60% of American households cannot afford the median price of a house, which is now $346,577.

A recent polling report reported in the Washington Examiner, 88% of Americans believe inflation will continue to increase during President Joe Biden’s time in the White House.