Report: Housing Affordability At Ten Year Low

KELO Sale Pending sign real estate

Home prices keep increasing in the Sioux Falls area. 

The median sales price is now up around seven percent from last year to $199,900. 

The National Association of Home Builders says because of rising home prices, higher interest rates and increased building material costs, housing affordability is at a ten-year low. 

The median household income has risen 2.6 percent in the last 12 months, while home prices have increased 6 percent.

Analysts say that kind of gap will eventually lead to fewer house sales because more people won’t be able to afford them. 

Additional Information
Sioux Falls Metro Statistics

Housing Supply Overview

Local Market Update

Page 7 of RASE MMI 2018 08

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