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30
Housing Prices Continue Upward Trend
Five-year home appreciation in our region was between 13.62% and 19.86% with all of our regional Metropolitan Statistical Areas experiencing positive gains. In the past year, home prices in our area have increased: +4.10% in Dubuque; +1.53% in Iowa City; +3.05% in Cedar Rapids; and +2.07% in the Quad Cities. This compares to other cities: Des Moines +2.19% and Chicago +2.23%. Of course, there is variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less, if at all. On a national level, "house prices recorded their strongest quarterly gain in the history of the FHFA HPI purchase-only series in the third quarter of 2020," said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at FHFA. "Monthly data indicate that prices continued to accelerate during the quarter…, as demand continues to outpace the supply of homes available for sale."
| Metropolitan Statistical Areas (MSAs) | Percent Change in House Prices | |
| 1 Year | 5 Year | |
| Cedar Rapids, IA |
|
+ 15.05% |
| Davenport-Moline-Rock Island, IA-IL | +2.07% | + 13.62% |
| Des Moines-West Des Moines, IA | +2.19% | + 19.86% |
| Dubuque, IA | + 4.10% | + 17.91% |
| Iowa City, IA | + 1.53% | + 14.45% |
| USA | + 7.81% | + 35.35% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the second quarter of 2020. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov.
