Realtors are doing good business in Sioux Falls. The latest report from the Realtor Associate of the Sioux Empire shows that, in over twelve months up to May 2016, the median sales price for previously owned homes rose 6.9%, to just under $170K. New homes saw a 7.2% gain in median sales price, to nearly $227K.
The median home sales price has made up for the lost time of the 2008–2012 plateau:
But higher median prices mean less affordability. RASE reports affordability as median income divided by income required to afford a median-price house. During the recession, when the median price flatlines, median incomes apparently increased, meaning buyers could afford more house. Now home prices are catching up and bringing affordability back down, though not as low as the Bush II-era affordability index:
Lately Sioux Falls home sellers have been getting closer to their original list price in every price category under $300K:
Of course, good sales mean fewer houses available on the market—somebody better start building!
Smooth out the seasonal variations and you find that houses are spending less time on the market than they have in most of the last thirteen years:
In other news, the South Dakota Housing for the Homeless Consortium counted 436 homeless individuals in Minnehaha County in January 2016. About one out of three of those homeless folks are children. About 37% are American Indian. About 6% are veterans.