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Home Sales Down, Prices Up

March 7, 2014, 9:46 AM by Angela Kennecke

Home Sales Down, Prices Up

Pending home sales in February were down nearly 30 percent in the Sioux Falls region, which includes four counties.

Fewer homes are on the market, with new listings of homes down 18 percent. But, it's still good news for home sellers, as prices continue to rise.

The median price of a home in the region is now $148,300. In the city of Sioux Falls, the median price is now $155,500. That's up nearly seven percent from this same time last year. But homes are staying on the market 25 percent longer, with an average of 108 days before they sell.

The Realtor Association of the Sioux Empire hopes that since home inventory levels are low, there will be an increase in new construction this spring.



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