Third Quarter Draws to an End

As the 3rd quarter draws to an end and we move into the 4th quarter, July closed sales were down 25.8% from June and down 20.2% from July 2016. July pended sales were down 22.2% from the previous month and up 0.6% from July 2016.

There were 1,131 new construction homes for sale in July, which is down 0.6% from last month but up 15.1% from last year.

The average sale price of a new construction home in July was $329,000, which is up $5,000 from last year! The average price per square foot for the month of July was $190, compared to $187 per square foot last year at this time.

The new construction market had 895 single-family homes for sale in the month of July, compared to 823 homes at this time last year. That’s an increase of 8.7% and works out to 6 months of inventory based on closed sales and 6.6 months of inventory based on pended sales.

For single-family homes, the average price was $339,000 in July, which is up $5,000 from last year. The average price per square foot for the month of July was $191, compared to $189 per square foot last year at this time.

In the multi-family new construction market, 228 units were for sale in the month of July, compared to 239 homes in July of 2016. That’s a decrease of 4.6% and works out to 10.4 months of inventory based on closed sales and 7.6 months of inventory based on pended sales.

The average sale price of a new construction multi-family unit was $265,000 in July, which is up $17,000 from last year. The average price per square foot for the month of July was $183, compared to $168 per square foot last year at this time.

The top new construction metro markets for single-family homes are: Ankeny, Waukee, West Des Moines, Grimes and Bondurant.

The top new construction metro markets for multi-family homes are: Ankeny, Johnston, Waukee, Norwalk, and Altoona.
As we close out the 3rd quarter and move into the last quarter of the year, interest rates are holding steady at 3.875%.