Aug. 9, 2021

The housing market might be showing ever-so-slight signs of tilting more toward buyers.

The Sioux Falls market reported a 2.1-month supply in July, which is slightly more than the two-month supply in June, though still 44 percent less than the same time last year.

Closed sales fell 20.4 percent in the city, and new listings were down 12.3 percent year over year.

“After months of declines, the inventory of homes for sale nationwide is beginning to increase as more sellers come to the market looking to capitalize on record-high sales prices while providing a much-needed boost of supply to America’s epic housing shortage,” according to an analysis included with the report from the Realtor Association of the Sioux Empire.

“This is encouraging news for homebuyers, who have struggled with a lack of supply and rocketing sales prices during the pandemic.”

The average price of a home sold in Sioux Falls last month also was down from June at $309,671 compared with $322,738 — though still 13 percent more than the same time last year.

The median price at $272,000 is up 15 percent year over year and ahead of June’s $271,000.

The average house spent 64 days on the market before selling in July, which is nine fewer days than last year. The average house sold for 102.6 percent of the original list price, meaning many multiple-offer scenarios are still out there.