Des moines home sales declined nearly 30% in february
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Home sales were down 29% year over year in the Des Moines metro area, per RE/MAX's February report. WHY IT MATTERS: In 2022, potential buyers were desperate for more inventory. Now,
homes are hitting the market but people can’t afford them. WHAT'S HAPPENING: Rates for a 30-year loan were at 6.09% in early February 2023, and shot up to 6.65% by the end of the month,
per Freddie Mac. BY THE NUMBERS: * There were 566 home transactions in February 2023, compared to 802 during the same time period in 2022. * Available homes for sale increased from 1,510 to
2,020. * Median home price is still going up however —$260,000 this year compared to $240,795 in 2022. ZOOM OUT: Because there's less competition right now, buyers don't have to
front as much cash as they did a year ago, _Axios' Emily Peck reports._ BETWEEN THE LINES: Buyers who can afford these mortgage rates have more power. * They have more options than a
year ago, they can take their time searching and they can make offers that aren't wildly above list price. YES, BUT: These rates make buying unaffordable for many. WHAT THEY'RE
SAYING: Metro home pricing finally hit its ceiling in 2022 after several years of spikes, per Les Sulgrove — a local realtor and former president of the Des Moines Area Association of
Realtors. WHAT'S NEXT: Mortgage rates dropped nearly a quarter point this month, which means buyer activity will likely pick back up.