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Des Moines Iowa Local Market Statistics

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Housing Sales Swift and Strong in Greater Des Moines Metro

Des Moines, Iowa - June 11, 2014 - The temperature isn't the only thing heating up in the greater Des Moines metro. Home sales are up again this month and the number of days on the market continues to shrink according to trends and statistics published today by the Des Moines Area Association of REALTORS®.

"We're thrilled to see the days on market drop below 90 to the current 87," says Scott Wendl, president of the Des Moines Area Association of REALTORS®. "Not only are we selling more homes but we're selling them faster. Buyers realize that they can't hem and haw over a house. If they want it, they'd better get an offer in quickly."

The Association's report shows that 1,226 contracts were written in May and 1,067 contracts closed. The number of active listings rose from April's 3,874 to 4,087. This corresponds to the typical trend of listings increasing during the spring/summer season.

"One trend we're watching is that home sales in the $80,000 - $140,000 range are lagging behind other price ranges," commented Wendl. "With the low interest rates, many buyers who would typically buy a starter home at those prices are able to get financing sufficient to move up into the $150,000+ range."

Wendl went on to say, "That leaves buyers who are struggling to qualify for financing to be the primary shoppers in the lower range. If they can't get financing, they simply can't buy until they build up a larger down payment or get some help securing a mortgage, which is contributing to the trend."

The Des Moines Area Association of REALTORS® (DMAAR) is a professional association that represents the 1,500 Des Moines–area REALTORS® who are 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®.

Based on information from the DES MOINES AREA ASSOCIATION OF REALTORS® or its Multiple Listing Service for the period 05/08/14 through 06/08/14

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