REALTOR? Association of the Sioux Empire, Inc.

Today, RASE members and staff had the privilege of helping with the St. Francis House clothing sort. We’re incredibly thankful for all the amazing work St. Francis House does in our community and are deeply moved by its mission.

Monthly Market Indicators U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS? (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year. New Listings in the Sioux Falls region increased 17.0 percent to 744. Pending Sales were up 19.4 percent to 444. Inventory levels rose 4.3 percent to 1,816 units. Prices continued to gain traction. The Median Sales Price increased 9.8 percent to $335,000. Days on Market was up 5.3 percent to 79 days. Sellers were encouraged as Months Supply of Homes for Sale was down 2.0 percent to 5.0 months. There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago. Housing Supply Overview U.S. new-home sales climbed 4.1% month-over-month and 6.3% year-over-year to a seasonally adjusted annual rate of 738,000 units, according to the U.S. Census Bureau. The latest reading exceeded economists’ expectations for the month and marks the highest level of new-home sales since May 2023. The national median new-home sales price remained virtually unchanged from the same time last year, at $426,300. For the 12- month period spanning November 2023 through October 2024, Pending Sales in the Sioux Falls region were up 6.4 percent overall. The price range with the largest gain in sales was the $1M and Above range, where they increased 60.4 percent. The overall Median Sales Price was up 4.9 percent to $319,900. The construction type with the largest price gain was the Previously Owned segment, where prices increased 6.5 percent to $310,000. The price range that tended to sell the quickest was the $150K to $200K range at 68 days; the price range that tended to sell the slowest was the $900K to $1M range at 126 days. Market-wide, inventory levels were up 4.3 percent. The construction type that gained the most inventory was the Previously Owned segment, where it increased 7.5 percent. That amounts to 4.5 months supply for Single Family homes and 7.0 months supply for Condos.

Last week at our RASE MENU, we were thrilled to welcome our state senators, John Thune and Mike Rounds, who shared valuable insights on the upcoming election and pressing housing issues. We also held our board election, making it a truly memorable event! Thank you to everyone who attended and contributed to these important discussions. Together, we're making a difference!

?? Huge congratulations to our RASE 4 Under 40 winners! ?? Ryan Breitling Chelsea Link Destinie Marshall Hadass Negi, PSA, AHWD, MRP, SRS Your hard work and dedication are truly inspiring! Keep shining and making a difference in our community! ?? #RASE4Under40 #Inspiration #CommunityLeaders

Do you or your friends, family or clients need housing education? Please share this information to those you think could benefit from this FREE seven-class course. Developed by the?Sioux Falls Thrive Housing Action Team, the project goal is to establish a no-cost or low-cost community-wide system for providing basic tenant education in a neighborhood-based model. As proposed, this program would support individuals and families in their understanding of their rights, responsibilities, and potential as tenants and possible future homeowners. Learn more here: https://lnkd.in/gj9DyECV.

Monthly Market Indicators U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS? (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month. New Listings in the Sioux Falls region increased 1.9 percent to 644. Pending Sales were up 27.4 percent to 484. Inventory levels fell 3.1 percent to 1,708 units. Prices continued to gain traction. The Median Sales Price increased 3.9 percent to $315,000. Days on Market was up 1.3 percent to 78 days. Sellers were encouraged as Months Supply of Homes for Sale was down 7.8 percent to 4.7 months. Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead Housing Supply Overview U.S. sales of new residential homes fell 4.7% month-over-month to a seasonally adjusted annual rate of 716,000 units, but were up 9.8% yearover-year, according to the U.S. Census Bureau. Economists polled by Reuters had forecast new home sales to come in at 700,000 units for the month. Sales prices were also down as of last measure, with the median sales price of new homes coming in at $420,600 for the month, a 4.6% decline from the same period last year. For the 12-month period spanning October 2023 through September 2024, Pending Sales in the Sioux Falls region were up 6.2 percent overall. The price range with the largest gain in sales was the $1M and Above range, where they increased 57.4 percent. The overall Median Sales Price was up 4.5 percent to $316,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 6.0 percent to $307,500. The price range that tended to sell the quickest was the $150K to $200K range at 68 days; the price range that tended to sell the slowest was the $800K to $900K range at 117 days. Market-wide, inventory levels were down 3.1 percent. The construction type that gained the most inventory was the Previously Owned segment, where it increased 0.2 percent. That amounts to 4.3 months supply for Single-Family homes and 6.3 months supply for Condos.

The Fed's half-point rate cut decision is the beginning of six to eight rounds of further rate cuts well into 2025. The very next cut will occur after the Presidential election. The justification is cooling inflation in recent months and lighter job gains. Mortgage rates have already anticipated the Fed’s likely path. That is why the 30-year rate has fallen by 150 basis points from early in the year to today. Any further decline in mortgage rates will be minimal. The 10-year Treasury borrowing rate actually rose slightly on the news of the 50 basis points cut (at 2:15 pm September 18th). Mortgage rates then probably also rose by a hundredth of a decimal point. The Fed does not directly control mortgage rates, and the federal budget deficit is huge. Future Fed rate cuts are not only anticipated but will not be as impactful because large federal borrowing will leave less capital available for mortgage lending. Still, due to the already low mortgage rates compared to spring, the purchasing power for home buyers has been lifted by around $50,000 for those with a $2000 monthly mortgage payment budget. Consumers who were priced out due to earlier higher mortgage rates could now be back in the market.

What an amazing time at the Realtor Convention of the Dakotas last week! Dr. Lawrence Yun and Harrison Beacher's insights were nothing short of incredible, and we're still buzzing with excitement. Thank you to everyone who showed up. We are missing a few from the group photo, but RASE had a great showing in Bismarck! We’re thrilled to have Dr. Lawrence Yun join us at our REfocus Summit on October 8th, so remember to register!

RASE August 2024 Market Stats: Monthly Market Indicators U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS? (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months. New Listings in the Sioux Falls region increased 0.7 percent to 712. Pending Sales were up 20.7 percent to 548. Inventory levels fell 2.3 percent to 1,688 units. Prices continued to gain traction. The Median Sales Price increased 1.7 percent to $318,900. Days on Market was up 17.4 percent to 81 days. Sellers were encouraged as Months Supply of Homes for Sale was down 6.1 percent to 4.6 months. Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases. Housing Supply Overview ? U.S. new home sales rose to the highest level since May 2023, following three consecutive monthly declines. Sales of new single-family homes increased 10.6% month-over-month to a seasonally adjusted annual rate of 739,000 units, according to the U.S. Census Bureau, with sales up in all four regions. Nationally, the median new-home sales price grew 3.1% from the previous month to $429,800, with a 7.5-month supply at the current sales pace. For the 12-month period spanning September 2023 through August 2024, Pending Sales in the Sioux Falls region were up 4.4 percent overall. The price range with the largest gain in sales was the $1M and Above range, where they increased 49.0 percent. The overall Median Sales Price was up 4.7 percent to $315,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 5.1 percent to $305,000. The price range that tended to sell the quickest was the $100K to $150K range at 67 days; the price range that tended to sell the slowest was the $800K to $900K range at 114 days. Market-wide, inventory levels were down 2.3 percent. The construction type that gained the most inventory was the Previously Owned segment, where it increased 1.4 percent. That amounts to 4.3 months supply for Single-Family homes and 6.2 months supply for Condos.

Volunteering with the Veterans Community Project has been an absolute joy, and the progress on the tiny homes has been nothing short of amazing. ?? It’s inspiring to see how these efforts are making a real difference. Huge thanks to everyone involved for your hard work and dedication!