REALTOR? Association of the Sioux Empire, Inc.

??? Talking Taxes & Trends: RASE on Inside KELOLAND! ???? Today, Kenley Lamberty, RASE Government Affairs Director, and Callie Wockenfuss, RASE Board President-Elect, sat down with KELO News to talk all things property taxes, real estate trends, and the state of the market in and around Sioux Falls! ???? Catch the full interview on Inside KELOLAND News this Saturday at 9 AM to stay informed on what’s happening in the local real estate scene. You won’t want to miss it! ?? #RASE #SiouxFalls #RealEstate #InsideKELOLAND #PropertyTaxes

RASE February Market Stats: Monthly Market Indicators U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS? (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase. New Listings in the Sioux Falls region decreased 1.5 percent to 474. Pending Sales were up 56.8 percent to 345. Inventory levels fell 3.9 percent to 1,505 units. Prices continued to gain traction. The Median Sales Price increased 8.5 percent to $320,000. Days on Market was up 12.1 percent to 102 days. Sellers were encouraged as Months Supply of Homes for Sale was down 13.0 percent to 4.0 months. The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace. Housing Supply Overview U.S. sales of new single-family homes dropped 10.5% month-over-month and 1.1% year-over-year to a seasonally adjusted annual rate of 657,000units, according to the U.S. Census Bureau. Economists polled by Reuters had forecast new-home sales to come in at 80,000 units for the month. Sales decreased 20% in the Northeast, 16.7% in the Midwest, and 14.8% in the South, but increased 7.7% in the West. For the 12-month period spanning March 2024 through February 2025, Pending Sales in the Sioux Falls region were up 10.0 percent overall. The price range with the largest gain in sales was the $500K to $600K range, where they increased 34.1 percent. The overall Median Sales Price was up 3.2 percent to $320,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 3.6 percent to $310,000. The price range that tended to sell the quickest was the $150K to $200K range at 69 days; the price range that tended to sell the slowest was the $900K to $1M range at 136 days. Market-wide, inventory levels were down 3.9 percent. The construction type that gained the most inventory was the Previously Owned segment, where it increased 6.9 percent. That amounts to 3.6 months supply for Single-Family homes and 5.8 months supply for Condos.

We're thrilled to announce that our very own RASE Government Affairs Director,?Kenley Lamberty, has been named to the prestigious Sioux Falls Business 30 Under 30 list! His visionary leadership and tireless commitment to excellence have set a new benchmark in government affairs, inspiring us all every day. Congratulations, Kenley —your achievements empower our team and our community. Read more about his journey here: https://bit.ly/Kenley30 #30Under30?#Leadership?#GovernmentAffairs?#Trailblazer?#RASE

RASE January 2025 Housing Market Stats Monthly Market Indicators U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS? (NAR). Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains. New Listings in the Sioux Falls region increased 13.5 percent to 571. Pending Sales were up 44.7 percent to 301. Inventory levels rose 4.1 percent to 1,537 units. Prices were fairly stable. The Median Sales Price decreased 0.1 percent to $309,738. Days on Market was up 4.7 percent to 89 days. Sellers were encouraged as Months Supply of Homes for Sale was down 4.7 percent to 4.1 months. According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6% year-over-year to $404,400. Housing Supply Overview U.S. new-home sales increased 3.6% month-over-month and 6.7% year-over-year to a seasonally adjusted annual rate of 698,000 units, according to the U.S. Census Bureau. The median sales price for new homes was up 2.1% year-over-year to $427,000. There were about 494,000 new homes available for sale heading into January, representing an 8.5-month supply at the current sales pace. For the 12-month period spanning February 2024 through January 2025, Pending Sales in the Sioux Falls region were up 9.2 percent overall. The price range with the largest gain in sales was the $500K to $600K range, where they increased 36.7 percent. The overall Median Sales Price was up 3.2 percent to $319,900. The construction type with the largest price gain was the Previously Owned segment, where prices increased 4.4 percent to $310,000. The price range that tended to sell the quickest was the $150K to $200K range at 70 days; the price range that tended to sell the slowest was the $900K to $1M range at 142 days. Market-wide, inventory levels were up 4.1 percent. The construction type that gained the most inventory was the Previously Owned segment, where it increased 12.2 percent. That amounts to 3.7 months supply for Single-Family homes and 5.9 months supply for Condos.

RASE December Market Statistics: U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS? (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month. New Listings in the Sioux Falls region increased 9.9 percent to 334. Pending Sales were up 63.8 percent to 426. Inventory levels rose 2.2 percent to 1,490 units. Prices continued to gain traction. The Median Sales Price increased 3.1 percent to $305,000. Days on Market was up 7.8 percent to 83 days. Sellers were encouraged as Months Supply of Homes for Sale was down 7.0 percent to 4.0 months. Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8- month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier. Housing Supply Overview U.S. sales of new residential homes jumped 5.9% month-over-month and 8.7% year-over-year to a seasonally adjusted annual rate of 664,000 units, led by gains in the South and Midwest, according to the U.S. Census Bureau. The median new home sales price was $402,600, down 5.4% from the previous month and a 6.3% decrease from the same time last year. There were approximately 490,000 new homes for sale heading into December, for an 8.9-month supply at the current sales pace. For the 12- month period spanning January 2024 through December 2024, Pending Sales in the Sioux Falls region were up 8.3 percent overall. The price range with the largest gain in sales was the $700K to $800K range, where they increased 35.9 percent. The overall Median Sales Price was up 3.9 percent to $319,900. The construction type with the largest price gain was the Previously Owned segment, where prices increased 5.1 percent to $310,000. The price range that tended to sell the quickest was the $150K to $200K range at 70 days; the price range that tended to sell the slowest was the $900K to $1M range at 139 days. Market-wide, inventory levels were up 2.2 percent. The construction type that gained the most inventory was the Previously Owned segment, where it increased 6.5 percent. That amounts to 3.6 months supply for SingleFamily homes and 6.1 months supply for Condos.

Realtor Ring Day with The Salvation Army Last week, our incredible realtors volunteered for the annual Realtor Ring Day in support of The Salvation Army! This amazing tradition brings us together to make a difference in our community, and we couldn’t be more grateful to all the volunteers who made it possible. A huge thank you to our special guests: Nancy Jark, State President, and Kevin Sears, NAR President, for joining us in expressing our appreciation for all the hard work our volunteer members do year after year

Last week, we had the honor of hosting our gala to install our new Board of Directors! We are thrilled to welcome Larissa as our new president and excited for the future under her leadership. A special thank you to our distinguished guests, Michelle Kleven, CEO from the State Association, and Nancy Jark, State President, for joining us! And a huge shoutout to Kevin Sears, NAR President, for making the trip to Sioux Falls.

RASE November 2024 Housing Market Statistical Reporting Sioux Falls, SD – December 4th, 2024: Monthly Market Indicators U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS? (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions. New Listings in the Sioux Falls region increased 1.7 percent to 491. Pending Sales were up 25.3 percent to 411. Inventory levels rose 4.7 percent to 1,731 units. Prices continued to gain traction. The Median Sales Price increased 1.6 percent to $315,000. Days on Market was up 6.5 percent to 82 days. Absorption rates were even with last year as Months Supply of Homes for Sale remained flat at 4.8 months. The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year. Housing Supply Overview ? U.S. sales of new residential homes declined 17.3% month-over-month and 9.4% year-over-year to a seasonally adjusted annual rate of 610,000 units, according to the U.S. Census Bureau. Economists say a rise in mortgage rates, along with Hurricanes Helene and Milton, likely disrupted buyer activity, though there was little impact on the median new-home sales price, which was up 4.7% year-over-year to $437,300. For the 12- month period spanning December 2023 through November 2024, Pending Sales in the Sioux Falls region were up 5.7 percent overall. The price range with the largest gain in sales was the $1M and Above range, where they increased 47.2 percent. The overall Median Sales Price was up 4.9 percent to $320,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased 5.4 percent to $310,000. The price range that tended to sell the quickest was the $150K to $200K range at 67 days; the price range that tended to sell the slowest was the $900K to $1M range at 146 days. Market-wide, inventory levels were up 4.7 percent. The construction type that gained the most inventory was the Previously Owned segment, where it increased 10.6 percent. That amounts to 4.3 months supply for SingleFamily homes and 6.8 months supply for Condos.

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.