RASE May 2014 Housing Market Statistics

RASE May 2014 Housing Market Statistical Reporting

Sioux Falls, SD – June 5th, 2014:
For a detailed report contact us or comment.
http://3362121.com/contactus/

Some have noted a slight pause in the housing recovery this year. The American Dream of homeownership is alive and well, but it must still contend with market fluctuations. Buyers need homes for sale if they’re expected to buy said homes. They also need reliable financing, better jobs and stronger wage growth. The opportunities are out there. Now we need people to take advantage of them.

New Listings in the Sioux Falls region increased 0.2 percent to 650. Pending Sales were up 35.0 percent to 590. Inventory levels grew 6.9 percent to 1,605 units.

Prices forged onward. The Median Sales Price increased 2.9 percent to $162,000. Days on Market was down 7.5 percent to 98 days. Absorption rates slowed as Months Supply of Homes for Sale was up 13.2 percent to 5.1 months.

We’ve had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We’ve now had more than four straight years of monthly private sector job growth. It hasn’t been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators. More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities.

- 10k Research & Marketing