Nov. 8, 2023

New home listings in the city of Sioux Falls were up more than 22 percent in October, as prices increased too.

There were 397 new listings for the month, compared with 324 at the same time last year, according to the Realtor Association of the Sioux Empire Inc.

Closed sales dropped 15.4 percent year-over-year.

The market has a 3.7-month supply of homes for sale, nearly 22 percent more than the same time last year.

Nationwide, sales of existing homes fell to a 13-year low, according to the National Association of Realtors, “as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers,” according to an analysis included with the report.

“Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.”

In Sioux Falls, the average home sold in the city in October was $386,779, up 14.4 percent year-over-year. The median price, $314,450, was up 9.4 percent.

The average house spent 73 days on the market before selling, which is 10 days longer than the same time last year.

Sellers received on average 98.1 percent of original list price, compared with 100.1 percent last year.

Market-wide, inventory levels were up 3.9 percent. The construction type that gained the most inventory was the new construction segment, where it increased 10.7 percent.

The price range with the largest gain in sales was the $800,000 to $900,000, up 48.9 percent.