Oct. 4, 2019

Closed sales in the city of Sioux Falls dropped 14 percent in September, while new listings were down too.

There were 404 new listings, or a 10 percent drop from the same time last year, according to the Realtor Association of the Sioux Empire Inc.

“With the kids back in school and the weather cooling, the housing market begins its annual cooldown as well,” according to an analysis included with the report.

“Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move into the final three months of 2019, buyers will find fewer homes coming on the market but also less competition for those homes.”

The city of Sioux Falls ended September with a 3.7-month supply of homes for sale, down 7 percent.

The average price of a home sold was $253,658, up 8.6 percent year-over-year.

“The real estate market this fall is looking healthy. With a strong economy and great mortgage rates, there is a lot to remain optimistic about.”