July 8, 2024

Closed home sales in Sioux Falls fell almost 25 percent in June, with new listings posting a smaller decline.

There were 333 homes sold in the city for the month, according to the Realtor Association of the Sioux Empire Inc., down 24.3 percent from 440 homes sold for the same time last year.

There were 544 new listings, down 8.1 percent from the previous year.

Nationwide, existing-home sales declined for the third consecutive month “as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year,” according to an analysis included with the report.

The month-over-month drop nationwide in new-home sales was 11.3 percent for a seasonally adjusted annual rate of 619,000 units, the lowest level since November, according to the U.S. Census Bureau.

“Economists polled by Reuters had forecast new-home sales to come in at a rate of 640,000 units for the month, with elevated mortgage rates blamed for the recent drop in sales activity,” the report said.

The Sioux Falls market closed the month with an inventory of 1,291 homes, down 8 percent from a year ago, and a 4.1-month supply, down from 4.8 months.

The average house spent 78 days on the market before selling, which was four more days than a year ago.

Prices held fairly steady, with the average home selling for $396,471, a year-over-year increase of 4.4 percent, and the median home essentially flat at $337,500.

Homes that sold the fastest were in the $200,000 to $250,000 range at 66 days. The range that sold the slowest was $700,000 to $800,000 at 108 days.

Sellers received 99.3 percent of original list price, down 1.1 percent from a year ago.