Cool Down Continues in the Housing Market

(Radio Iowa) The housing market in Iowa continued its holding pattern in February.

The Iowa Association of Realtors reports there were 33 more homes sold in February compared to January. But compared to one year ago — home sales were down nearly 25 percent. That coincides with a 22 percent drop in the number of homes listed in February of this year compared to last February. Association president Krista Clark says interest rate hikes have caused homebuyers to give more thought to their needs instead of making a split-second buying decision. She also says sellers have been increasingly cutting prices and offering incentives to attract cautious buyers.