Nov. 11, 2024

More houses were put on the market in October Sioux Falls, but sales slowed.

New listings in the city were up 14.4 percent year over year, according to the Realtor Association of the Sioux Empire Inc.

Closed sales dropped 4.4 percent.

“Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year,” according to an analysis included in the report.

“A bright spot was in new construction, where U.S. new-home sales climbed 4.1 percent month over month and 6.3 percent year over year to a seasonally adjusted annual rate of 738,000 units, according to the U.S. Census Bureau.

“The latest reading exceeded economists’ expectations for the month and marks the highest level of new-home sales since May 2023,” the RASE report said.

Prices trended up to double-digit percentages for October in Sioux Falls, with the average price of a home sold at $423,815, up 10.7 percent from the same time last year. The median price at $345,163 was up 10.5 percent.

The average house spent 72 days on the market before selling, which is two fewer than last year, and sellers received 98.5 percent of original list price, similar to last year.

The city had a 4.6-month inventory of houses on the market, down 3.7 percent.