Drop in Home Sales in Sioux Falls, South Dakota

Sioux Falls, one of the most important cities in the state of South Dakota, has experienced a decline in existing home sales in recent months, with a drop of nearly 25%. Meanwhile, sales of new homes also decreased but at a lower rate.

According to a major real estate agents association, during the same period last year, the city recorded 440 homes sold, while during the last month of the current year, 333 home sales were made, representing a decrease of 24.3%.

As for the sale of new properties, these totaled 544 units, reflecting a decrease of 8.1% compared to the previous year.

But this trend is not only in Sioux Falls. The U.S. Census Bureau, in a recent report, showed that nationwide, existing home sales fell for the third consecutive month. Regarding new homes, month by month, these saw a decrease of 11.3%, reaching a seasonally adjusted annual rate of 619,000 units, the lowest since November. One of the reasons cited for this decline is the current high selling prices and buyers’ fear of falling into foreclosure due to high interest rates.

According to a report from some economists and real estate experts, it was forecasted that new home sales would reach 640,000 units for the month. The decrease has again been attributed to high mortgage rates.

Regarding inventory, Sioux Falls ended the last month with a listing of 1,291 homes, an 8% decrease from the previous year, and a supply of 4.1 months, down from 4.8 months.

With an average price of $396,471, home prices remained relatively stable, as this shows only a 4.4% year-over-year increase.

Homes in the price range between $200,000 and $250,000 sold faster, with an average of 66 days; while those in the price range between $700,000 and $800,000 took longer, with an average of 108 days on the market.

Sellers received 99.3% of the original list price, a decrease of 1.1% from the previous year.

Available Foreclosures: 

Sioux Falls: 15 homes available.

By Elías DaSilva | 29 de octubre de 2024.