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.
Sioux Falls Metro Statistics
Page 7 of RASE MMI 2018 08