RASE-REALTOR Association of the Sioux Empire- June 2011 Housing Market Statistical Reporting
Sioux Falls, SD – July 8, 2011: You may have noticed some "noise" lately about where the market is heading. Some accounts are optimistic while others, well, aren't. The good news is that local data provides a more reliable tone than national sound bites can offer. When it comes to hearing the market's true message, it may not necessarily be from the expected indicators, it may not be heard evenly across all segments and it may arrive in disjointed bursts. Let's listen.
The rate of inventory absorption in the Sioux Empire region slowed as Months Supply of Inventory was up 22.6 percent to 9.7 months. New Listings decreased 2.0 percent to 539. Pending Sales were up 14.5 percent to 300. Inventory levels shrank 3.9 percent to 2,238 units, but even choosy buyers can still find top-notch homes.
The price needle wouldn't budge this time. The Median Sales Price declined 4.8 percent to $139,950. Days on Market increased 3.9 percent to 86 days. Affordability also improved.
On the national front, the interest rate dropped to 4.79 percent on a 30-year fixed conventional and 4.44 percent for FHA. The unemployment rate has been stable around 9.0 percent and initial unemployment claims have continued to fall. Wages and payroll jobs are also improving slowly. Debt ceiling negotiations and other background noises persist, while prolonged job growth is still the missing verse in the recovery song.
Greg Sax, 10k Research & Marketing