SIOUX FALLS, S.D. (AP) - The average home sale hit a record high in Sioux Falls last year, as more houses sold for more money compared to 2015.
The Realtor Association of the Sioux Empire Inc. reports there were 4,440 closed sales for 2016. That’s roughly 6 percent more sales than in 2015, but doesn’t include the number of homes sold by owners, the Argus Leader (https://argusne.ws/2jrtOHb) reported.
The average house sold for $217,588, with the median home price being $186,500. An average of 99 percent of the original asking price of the homes was given to sellers.
Sales and prices were up in most markets, but the number of homes for sale was down in year-over-year comparisons, according to an analysis included with the association’s report.
“Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017,” the analysis read.
The market ended the year down, with closed sales dropping 21.5 percent in December compared with the same time in 2015.
The association predicts that the low inventory crunch will continue into 2017, “as will an increase in prices across all price ranges and property types.” Its report said buyers will be competing for fewer available homes, making affordability a challenge for buyers who are unprepared.
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Information from: Argus Leader, https://www.argusleader.com
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