Sioux Falls, SD – September 6th, 2013: Monthly Indicators Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards. New Listings in the Sioux Falls region decreased 12.5 percent to 496. Pending Sales were down 11.5 percent to 347. Inventory levels shrank 10.7 percent to 1,752 units. Prices got a lift. The Median Sales Price increased 6.7 percent to $160,000. Days on Market was down 0.5 percent to 87 days. Absorption rates improved as the Month Supply of Homes for Sale was down 28.0 percent to 5.2 months. Eyes continue to fixate on the Federal Reserve and its policy inclinations related to stimulus tapering. Labor market growth is positive but still tepid. Things like gas prices, stock market shifts and global economics have a tendency to sway consumer sentiment. At the moment, U.S. housing continues to be a bright spot. - 10k Research & Marketing
Posted on: Fri, 06 Sep 2013 14:52:37 +0000
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