- Real Estate
- Food & Drink
Dec. 10, 2018
The average price of a house sold in Sioux Falls last month was 5 percent higher than the same time a year ago, although inventory is hovering around a record low.
The average sales price in November was $232,441, and the median price was $198,950 – also a 5 percent year-over-year increase.
The price range with the largest gain in sales was from $700,00 to $799,000, which was up 107 percent.
New listings fell 8.7 percent from the prior year, and closed sales dropped 3.6 percent, according to the Realtor Association of the Sioux Empire.
“Home prices have continued to increase, but price drops are becoming more of a reality as affordability concerns are keeping showings down and some nervous buyers at bay,” according to the RASE report.
November ended with a 2.9-month supply of homes on the market – a 22 percent drop year-over-year.
“Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity,” the report said. “Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings.”
The average price of a house sold in Sioux Falls last month was 5 percent more than the same time a year ago, although inventory is hovering around a record low.