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Cold Weather Continues to Hurt Home Sales

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CEDAR RAPIDS, Iowa - Once again, cold weather hurt home sales in Iowa and in the Corridor.

Statewide home sales fell 5.1 percent in Feburary, with 97 fewer homes sold last month when compared with February 2013, according to the Iowa Association of Realtors. The report shows that 1,792 homes were sold in February 2014 compared with 1,889 homes sold in February 2013.

Following state averages, the number of homes sold in Cedar Rapids dropped about 27 percent year-over-year, from 235 homes sold in February 2013 to 170 sold this February, according to the Cedar Rapids Area Association of Realtors. The Iowa City Area Association of Realtors reported that 185 homes were sold in February 2014, down 4.6 percent from the 194 sold in February 2013.

Average sale prices in Iowa inched up, rising .5 percent from $140,751 in February 2013 to $141,489 in February 2014.

In Cedar Rapids, the average sale price rose about 4.7 percent from $160,498 in February 2013 to $168,060 in February 2014. There was a 16.5 percent jump in average prices in the Iowa City area, with prices rising from $181,001 in February of last year to $210,939 last month.

Days on the market were also up slightly from last year, increasing 1 percent statewide, with houses spending an average of 103 days on the market in February 2014.

"The extreme cold, snow, and wind that we've experienced this winter, has definitely influenced buyers and sellers across the state. Sellers are inclined to wait for warmer weather to list, and buyers are reluctant to move in the inclement weather we've experienced," said Iowa Association of Realtors president Kathy Miller in a news release.

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