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RASE June 2024 Housing Market Statistics

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

U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.

New Listings in the Sioux Falls region decreased 6.3 percent to 665. Pending Sales were up 9.8 percent to 561. Inventory levels fell 4.2 percent to 1,615 units.

Prices continued to gain traction. The Median Sales Price increased 3.2 percent to $330,000. Days on Market was up 5.3 percent to 80 days. Sellers were encouraged as Months Supply of Homes for Sale was down 8.3 percent to 4.4 months.

Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.

Housing Supply Overview

U.S. sales of new residential homes unexpectedly declined, falling 11.3% from the previous month to a seasonally adjusted annual rate of 619,000 units, the lowest level since November, according to the U.S. Census Bureau. Economists polled by Reuters had forecast new-home sales to come in at a rate of 640,000 units for the month, with elevated mortgage rates blamed for the recent drop in sales activity. For the 12-month period spanning July 2023 through June 2024, Pending Sales in the Sioux Falls region were up 4.5 percent overall. The price range with the largest gain in sales was the $800K to $900K range, where they increased 56.9 percent.

The overall Median Sales Price was up 5.0 percent to $315,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 5.1 percent to $304,900. The price range that tended to sell the quickest was the $200K to $250K range at 66 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 4.2 percent. The construction type that lost the least inventory was the Previously Owned segment, where it decreased 3.8 percent. That amounts to 4.0 months supply for Single-Family homes and 5.9 months supply for Condos.

– ShowingTime

RASE June 2024 Monthly Market Indicators Reports

RASE June 2024 Housing Supply Overview Reports