Real Estate Market

Market Trends

Housing Report

Note: National Association of Realtors® (NAR) data shown below is from April (most current national data)

A persistently low supply of existing homes available for sale slowed April's sales velocity, resulting in a 29-day median number of days that a home remained on the market, a new low according to the National Association of Realtors®.

Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), fell 2.3% to a seasonally adjusted annual rate of 5.57 million in April from 5.70 million in March. Despite the decline, sales remain 1.6% higher than a year ago and represent the fourth highest pace for the last 12 months.

 Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, said that every major region except the Midwest saw a drop in existing sales in April. "Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," Yun said. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."

Housing Data Takeaways

April's median existing-home price (all housing types) was $244,800, up 6.0% from the same time last year ($230,900). Price gains in April represent 62 consecutive months of year-over-year growth.

Total housing inventory nationally at the end of April rose 7.2% to 1.93 million existing homes available for sale, and is 9.0% below one year ago (2.12 million) and has dropped year-over-year for 23 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace,  down from 4.6 months a year ago.  

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the first time in six months, dipping to 4.05% in April from 4.20% in March. For all of 2016, the average commitment rate was 3.65 percent.

Save Thousands in Interest

Many people ask about bi-weekly payment plans designed to reduce the interest paid out over the course of your loan. These programs help the borrower budget an extra payment a year, and over time this can knock years off the repayment schedule.

You might be surprised to learn that you can do this yourself without any special programs, simply by submitting an extra principal payment as you are able. By submitting an extra payment, you get the advantages of an early payout, without the extra contractual obligation. Now is a great time to assess your financing options.

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Make Council Bluffs Your New Home

If you plan on buying a home in Southwest Iowa, then you can't go wrong finding a home in Council Bluffs. If you want to move to a city that has a little of everything but isn't too big, then this is the place. And there's plenty of charm and character to go around here as well.

There's a great selection of shopping and places to eat here.  Council Bluffs has a number of malls including Metro Crossing Shopping Center, Mall of the Bluffs, and Sherwood Plaza.You'll also find specialty stores such as Green Acres Natural Food Market, Kanesville Kollectibles, Main Street Farmers Market, and so much more. And if you’re looking for great food, look no further than restaurants like Celler19 or Quaker Steak & Lube.

Along with its many great parks and outstanding school system, there’s many reasons to find your perfect home right here in Council Bluffs!

Learn more about this outstanding Iowa city and start your home search in Council Bluffs Real Estate & Information.

 

Here are a few of the finest homes available right now in Council Bluffs.

Contact Information

Photo of Rob Washburn Real Estate
Rob Washburn
Ed Spencer Real Estate - Farms America, INC
Mall of the Bluffs
Council Bluffs IA 51503
402-981-6999
712-322-7653
Fax: 712-624-9251

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Mall of the Bluffs
Council Bluffs, Iowa 51503

402-981-6999

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