National housing market stalls; Sioux Falls sales flat

From staff reports

The national housing market is essentially stalled, according to the chief economist for the National Association of Realtors.

The Sioux Falls market continues to experience similar low inventory, although closed sales are up a little year-over-year.

In September, there were 351 houses sold in Sioux Falls, which is two more than last September, according to the Realtor Association of the Sioux Empire Inc. Year-to-date, closed sales are up 2 percent.

“Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings,” according to an analysis included with the monthly report.

“And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.”

The average price of a house sold in Sioux Falls last month was $236,231, up 4 percent from a year ago.

The average house spent 74 days on the market before selling, which is five fewer days than a year ago.

For the 12-month period spanning October 2016 through September 2017, pending sales in the Sioux Falls region were up 8.2 percent overall. The price range with the largest gain in sales was for homes of $1 million and more, which increased 166.7 percent.

The city ended September with a 4.2-month supply of homes on the market, down 11.4 percent from a year ago.

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National housing market stalls; Sioux Falls sales flat

The national housing market is essentially stalled, according to the chief economist for the National Association of Realtors.

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