12/04/2024
Monthly Market Indicators
U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
New Listings in the Sioux Falls region increased 1.7 percent to 491. Pending Sales were up 25.3 percent to 411. Inventory levels rose 4.7 percent to 1,731 units. Prices continued to gain traction. The Median Sales Price increased 1.6 percent to $315,000. Days on Market was up 6.5 percent to 82 days. Absorption rates were even with last year as Months Supply of Homes for Sale remained flat at 4.8 months.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
Housing Supply Overview
U.S. sales of new residential homes declined 17.3% month-over-month and 9.4% year-over-year to a seasonally adjusted annual rate of 610,000 units, according to the U.S. Census Bureau. Economists say a rise in mortgage rates, along with Hurricanes Helene and Milton, likely disrupted buyer activity, though there was little impact on the median new-home sales price, which was up 4.7% year-over-year to $437,300. For the 12- month period spanning December 2023 through November 2024, Pending Sales in the Sioux Falls region were up 5.7 percent overall. The price range with the largest gain in sales was the $1M and Above range, where they increased 47.2 percent.
The overall Median Sales Price was up 4.9 percent to $320,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 5.4 percent to $310,000. The price range that tended to sell the quickest was the $150K to $200K range at 67 days; the price range that tended to sell the slowest was the $900K to $1M range at 146 days.
Market-wide, inventory levels were up 4.7 percent. The construction type that gained the most inventory was the Previously Owned segment, where it increased 10.6 percent. That amounts to 4.3 months supply for SingleFamily homes and 6.8 months supply for Condos.
