Home sales flat, prices up in August

From staff reports

The average house in Sioux Falls sold five days faster and for $9,000 more in August compared with the same time last year.

That’s according to a monthly report from the Realtor Association of the Sioux Empire Inc.

Closed sales were basically flat, and new listings were down 3.9 percent.

The average house spent 74 days on the market and sold for $236,513.

“August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cooldown before any actual temperature change,” according to an analysis included with the report.

“Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.”

Inventory remains low at 3.6 months, down 23 percent from a year ago. There are 1,043 homes in Sioux Falls on the market.

“The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing,” the report said.

“Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.”

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Home sales flat, prices up in August

The average house in Sioux Falls sold five days faster and for $9,000 more in August compared with the same time last year.

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