Home inventory in Sioux Falls, sales down even as prices remain high

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The national housing market is experiencing a major shift, according to the latest data report from the Realtors Association of the Sioux Empire (RASE).

Inflation and rising borrowing costs hurt buyers’ purchasing power, causing the market to cool, RASE said. As a result, the number of listings and home sales are down, even though prices remain high.

The National Association of Realtors predicts that many homeowners are waiting for market conditions to improve before selling their homes, as “affordability continues to be a barrier” for buyers and sellers, according to the report.

After:Sioux Falls home prices near record high this fall as homes spend longer on market

Here’s how the Sioux Falls market is breaking down, according to October data from RASE:

1,094: The number of properties available for sale in October.

  • Inventory is down 15% from what it was in September and is the lowest since February. It is also down 23% from October 2021.

491: The number of new listings in the Sioux Falls area in October.

  • This is a decrease of 17% compared to September 2022 and 6% compared to October 2021.

-31.9%: Percentage decline in home sales in the Sioux Falls area since October 2021.

  • The number of completed sales is the lowest since the start of 2020, at 356 in October 2022. This is also a 22.9% drop since September, when there were 462 completed sales.

After:Tension between governor and GOP-led Legislature stalls $200 million workforce housing program

0%: The percentage change in pending sales from September to October 2022.

  • There were 500 pending sales in September and October, down 4% from October 2021.

2.5: The monthly supply of houses for sale, which corresponds to the inventory divided by the monthly average of pending sales.

  • This number is down 19% from October 2021, and is also the lowest since February 2022, when it was 2.3.

$345,497: Average price of a house sale in October.

  • That’s a decrease of nearly $7,000 from the September average, but a 13.3% increase from October 2021, when the average price was $304,948.

$293,450: Median price of a house in October.

  • The price is up 12.9% from October 2021 but down 6.8% from June 2022, when the median price was at an all-time high of $315,000.

62: Average number of days on the market.

  • This number is down four from September and 15.1% from October 2021.
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