Sioux Falls home sales increase even as prices hit all-time highs - Argus Leader
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Across the nation, the number of home sales continues to decline as high interest rates continue to impact affordably, according to the National Association of Realtors (NAR). As a result, buyers in some parts of the country have found relief from declining home prices.
But the same can't be said for the Sioux Falls area. According to the NAR, more "affordable markets" continue to see price gains.
New listings have increased in Sioux Falls, but pending and closed sales increased at a higher rate, causing a shortage of inventory. And although the median sale price has dropped slightly, the average price is the highest it's ever been, according to the Realtor Association of the Sioux Empire (RASE).
Here’s how the Sioux Falls market breaks down based on May data from RASE:
More:South Dakota's tribes cut out of housing infrastructure grant program
$364,051: Average price of a home sale in the month of May.
$310,350: Median price of a home in the month of May.
110: Housing affordability index. A higher number means greater affordability. For example, an index of 120 means the median household income was 120% of what is necessary to qualify for a median-priced home.
More:Look out, Black Hills. Southeastern South Dakota is the state's top tourism destination.
390: The number of home sales in the Sioux Falls area in May.
+73%: The percent change of pending sales from April to May.
+16.2%: The percent change of new listings compared to May 2022.
More:Here are 5 houses in this year's Sioux Empire Spring Parade of Homes you have to see
1,285: The number of properties available for sale in May.
3.4: The months supply of homes for sale, which is inventory divided by the average monthly pending sales.
73: Average number of days on the market.
source
But the same can't be said for the Sioux Falls area. According to the NAR, more "affordable markets" continue to see price gains.
New listings have increased in Sioux Falls, but pending and closed sales increased at a higher rate, causing a shortage of inventory. And although the median sale price has dropped slightly, the average price is the highest it's ever been, according to the Realtor Association of the Sioux Empire (RASE).
Here’s how the Sioux Falls market breaks down based on May data from RASE:
More:South Dakota's tribes cut out of housing infrastructure grant program
$364,051: Average price of a home sale in the month of May.
$310,350: Median price of a home in the month of May.
110: Housing affordability index. A higher number means greater affordability. For example, an index of 120 means the median household income was 120% of what is necessary to qualify for a median-priced home.
More:Look out, Black Hills. Southeastern South Dakota is the state's top tourism destination.
390: The number of home sales in the Sioux Falls area in May.
+73%: The percent change of pending sales from April to May.
+16.2%: The percent change of new listings compared to May 2022.
More:Here are 5 houses in this year's Sioux Empire Spring Parade of Homes you have to see
1,285: The number of properties available for sale in May.
3.4: The months supply of homes for sale, which is inventory divided by the average monthly pending sales.
73: Average number of days on the market.
source
