May 4, 2023

Closed home sales fell 43 percent year over year in April in Sioux Falls and took 10 days longer to sell than the same time last year.

That represents 156 closed home sales, compared with 275 sales the same time last year, according to the Realtor Association of the Sioux Empire Inc.

New listings were up slightly with 393 new houses listed versus 382 at the same time last year. That leaves the market with a 2.8-month supply of homes, compared with a 2.6-month supply last year. The exception is new construction, where inventory is up 45 percent year over year.

“Fluctuations in mortgage interest rates have caused buyers to pull back,” according to an analysis included with the report.

“A limited supply of existing homes for sale, along with an increase in new homes on the market, have helped boost demand for new single-family homes this year.”

The average price of a home sold in April was $362,966, up 6.6 percent compared with a year ago, and the median price was up 14.3 percent to $335,000.

The average house spent 77 days on the market before selling, which is 10 days more than the same time last year. Sellers received on average 100.3 percent of their original list price, down 2.5 percentage points from last year.

The price range that tended to sell the quickest was the $200,000 to $250,000 range at 61 days; the price range that tended to sell the slowest was the $1 million and above range at 103 days.