Market Data & News

 

 

RASE January 2024 Housing Market Statistics

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

U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

New Listings in the Sioux Falls region increased 10.9 percent to 456. Pending Sales were up 20.8 percent to 267. Inventory levels rose 6.3 percent to 1,236 units.

Prices continued to gain traction. The Median Sales Price increased 10.7 percent to $309,950. Days on Market was up 11.5 percent to 87 days. Buyers felt empowered as Months Supply of Homes for Sale was up 12.9 percent to 3.5 months.

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

Housing Supply Overview

After a brief decline, national sales of new residential homes are on the rise again, increasing 8% month-over-month and 4.4% year-over-year to a seasonally adjusted rate of 664,000 units, according to the U.S. Census Bureau. Lower interest rates and a shortage of existing-home inventory continue to be a boon for the new-home market, with sales of new residential homes up 4.2% from 2022 to an estimated 668,000 units in 2023. For the 12-month period spanning February 2023 through January 2024, Pending Sales in the Sioux Falls region were down 7.7 percent overall. The price range with the largest gain in sales was the $800K to $900K range, where they increased 33.3 percent.

The overall Median Sales Price was up 5.1 percent to $310,000. The construction type with the largest price gain was the New Construction segment, where prices increased 3.8 percent to $364,698. The price range that tended to sell the quickest was the $200K to $250K range at 63 days; the price range that tended to sell the slowest was the $700K to $800K range at 105 days.

Market-wide, inventory levels were up 6.3 percent. The construction type that gained the most inventory was the Previously Owned segment, where it increased 8.8 percent. That amounts to 3.3 months supply for Single-Family homes and 4.5 months supply for Condos.

– ShowingTime

RASE January 2024 Monthly Market Indicators Reports

RASE January 2024 Housing Supply Overview Reports