Sept. 9, 2024

Homes in the city of Sioux Falls took 10 days longer to sell in August than the same time a year ago.

Overall, closed sales dropped 11.4 percent on a year-over-year basis, while new listings were identical to last year, according to the Realtor Association of the Sioux Empire Inc.

“U.S. existing-home sales increased for the first time in five months as lower mortgage rates and rising supply helped boost market activity,” according to an analysis included with the report.

Nationwide, “although inventory is up nearly 20 percent compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices,” the report said.

In Sioux Falls, the average home sold in August was $375,173, up 4.3 percent from last year. The median price was $320,000, up 1.3 percent.

The average home spent 75 days on the market versus 65 a year ago. Sellers received 99.1 percent of original list price, down 0.7 percent from the same time last year.

The market ended August with a 4.1-month supply, down from 4.6 months last year, with 977 homes for sale, compared with 1,044 last year.