Des Moines residents have spent the last year talking about our frenetic housing market, but there are early signs that some equilibrium is on its way.
Why it matters: Nobody wants to be priced out of home ownership.
- Also, it's nice to have a larger inventory so you don't have to pounce on every listing that pops up.
State of play: Homes are still moving at a historically fast pace, but this month, the city is seeing increased inventory and lower home prices, said Ted Weaver, president of the Des Moines Area Association of Realtors (DMAAR).
- In May, Des Moines' inventory hovered around 1,600 available homes, but it's since risen to 1,800, Weaver said.
- Yes, but: The average is typically 4,000+ homes.
Cost wise, a search on Zillow now shows a number of houses in Des Moines marked with "reduced price."
- Some sellers became unrealistic about how high they could list their homes and as a result, there's an uptick in reductions, Weaver said.
Between the lines: It's good things are mellowing out, Weaver said. The market is still great for sellers, but well — they also need to buy homes too.
- "A couple months ago, it felt like a feeding frenzy," Weaver said. "It's not as much of a frenzy right now."
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