Market Data & News

 

 

RASE April 2024 Housing Market Statistics

Sioux Falls, SD –  June, 2024:
Monthly Market Indicators

U.S. existing-home sales fell for the second month in a row, sliding 1.9% monthover- month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

New Listings in the Sioux Falls region increased 3.0 percent to 723. Pending Sales were up 48.7 percent to 611. Inventory levels fell 4.6 percent to 1,612 units.

Prices continued to gain traction. The Median Sales Price increased 5.9 percent to $333,500. Days on Market was up 10.8 percent to 82 days. Sellers were encouraged as Months Supply of Homes for Sale was down 10.4 percent to 4.3 months.

Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year over- year, for a 3.5 month’s supply at the current sales pace.

Housing Supply Overview

Sales of newly built homes fell 4.7% month-over-month to a seasonally adjusted annual rate of 634,000, according to the U.S. Census Bureau, a 7.7% decrease from the same time last year. Demand for new homes softened due to higher sales prices, elevated mortgage rates, and an increase in existing-home supply, leading builder confidence to decline for the first time since November, according to the NAHB / Wells Fargo Housing Market Index (HMI). For the 12-month period spanning June 2023 through May 2024, Pending Sales in the Sioux Falls region were up 6.3 percent overall. The price range with the largest gain in sales was the $800K to $900K range, where they increased 75.0 percent.

The overall Median Sales Price was up 4.4 percent to $313,100. The construction type with the largest price gain was the New Construction segment, where prices increased 4.3 percent to $373,674. The price range that tended to sell the quickest was the $100K to $150K range at 64 days;

the price range that tended to sell the slowest was the $700K to $800K range at 108 days.

Market-wide, inventory levels were down 4.6 percent. The construction type that lost the least inventory was the Previously Owned segment, where it decreased 1.9 percent. That amounts to 4.0 months supply for Single-Family homes and 5.6 months supply for Condos.

– ShowingTime

RASE May 2024 Monthly Market Indicators Reports

RASE May 2024 Housing Supply Overview Reports