Monthly RASE MLS Statistics
RASE July 2021 Housing Market Statistics
Sioux Falls, SD – August 4, 2021:
Monthly Market Indicators
The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction. These measures and others are intended to help homeowners stay in their homes and reduce the number of eventual foreclosures.
New Listings in the Sioux Falls region decreased 9.0 percent to 648. Pending Sales were up 12.6 percent to 758. Inventory levels fell 37.3 percent to 1,111 units.
Prices continued to gain traction. The Median Sales Price increased 14.3 percent to $269,000. Days on Market was down 15.4 percent to 66 days. Sellers were encouraged as Months Supply of Homes for Sale was down 43.9 percent to 2.3 months.
The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
Housing Supply Overview
After months of declines, the inventory of homes for sale nationwide is beginning to increase as more sellers come to the market, looking to capitalize on record-high sales prices while providing a much-need boost of supply to America’s epic housing shortage. This is encouraging news for home buyers, who have struggled with a lack of supply and rocketing sales prices during the pandemic. For the 12-month period spanning August 2020 through July 2021, Pending Sales in the Sioux Falls region were up 13.4 percent overall. The price range with the largest gain in sales was the $700K to $800K range, where they increased 109.1 percent.
The overall Median Sales Price was up 10.8 percent to $244,900. The construction type with the largest price gain was the Previously Owned segment, where prices increased 11.5 percent to $240,000. The price range that tended to sell the quickest was the $200K to $250K range at 74 days; the price range that tended to sell the slowest was the $900K to $1M range at 178 days.
Market-wide, inventory levels were down 37.3 percent. The construction type that lost the least inventory was the Previously Owned segment, where it decreased 33.9 percent. That amounts to 2.3 months supply for Single-Family homes and 2.2 months supply for Condos.