Housing Units Increased Faster Than Household Numbers
February 25th, 2010 8:55 AM
Households and Housing Units
Source: U.S. Census Bureau.
The graph above shows that over the last decade, the number of households and the number of housing units increased. The number of housing units grew at a much steadier pace than the number of households.
Focusing in on the growth rate, shown in the graph below, we can see trends more clearly.
The growth rate of households slowed as early as 2005 and by 2006 was below trend levels, well before the recession. The growth rate in housing units also declined but did not do so persistently until 2007.
The growth rate of housing units appears to have stabilized as of mid-2008. The growth rate of households seems to have stabilized in 2009.
The Census Bureau combines data from the Housing Vacancy Survey and Current Population Survey to arrive at these estimates.
"Copyright National Association of REALTORS®, Reprinted with permission."
Posted by OwnAHomeSiouxFalls .com on February 25th, 2010 8:55 AMPost a Comment (0)
Check out the Median Home Price Across the Country
February 24th, 2010 11:28 AM
What's your market's median home price?
This interactive map shows the latest quarterly median home price for your market, and its percentage change from the previous quarter.
Median home value and its usage defined by the NAR via Realtor.org,
"The reason NAR concentrates on the median instead of the mean is because the mean value calculation has a limitation that can prevent it from reflecting an "average." In calculating home sales price statistics this limitation occurs when the sale price of one home varies greatly from the remainder of the homes. This can skew the average."
"To find amedianvalue, one takes all of the values in the distribution, sorts in ascending order, lines them up and finds the middle value."
Posted by OwnAHomeSiouxFalls .com on February 24th, 2010 11:28 AMPost a Comment (0)
This information is based on sales information from the Realtor® Association of the Sioux Empire (RASE) for November 2009. RASE does not guarantee or is in any way responsible for it's accuracy. Data maintained by RASE may not reflect all real estate active in the market.
Posted by OwnAHomeSiouxFalls .com on February 24th, 2010 8:35 AMPost a Comment (0)
This information is based on sales information from the Realtor® Association of the Sioux Empire (RASE) for November 2009. RASE does not guarantee or is in any way responsible for it's accuracy. Data maintained by RASE may not reflect all real estate active in the market.
Posted by OwnAHomeSiouxFalls .com on February 24th, 2010 8:34 AMPost a Comment (0)
This information is based on sales information from the Realtor® Association of the Sioux Empire (RASE) for November 2009. RASE does not guarantee or is in any way responsible for it's accuracy. Data maintained by RASE may not reflect all real estate active in the market.
Posted by OwnAHomeSiouxFalls .com on February 24th, 2010 8:31 AMPost a Comment (0)
This information is based on sales information from the Realtor® Association of the Sioux Empire (RASE) for November 2009. RASE does not guarantee or is in any way responsible for it's accuracy. Data maintained by RASE may not reflect all real estate active in the market.
Posted by OwnAHomeSiouxFalls .com on February 24th, 2010 8:30 AMPost a Comment (0)
This information is based on sales information from the Realtor® Association of the Sioux Empire (RASE) for November 2009. RASE does not guarantee or is in any way responsible for it's accuracy. Data maintained by RASE may not reflect all real estate active in the market.
Posted by OwnAHomeSiouxFalls .com on February 24th, 2010 8:27 AMPost a Comment (0)
This information is based on sales information from the Realtor® Association of the Sioux Empire (RASE) for November 2009. RASE does not guarantee or is in any way responsible for it's accuracy. Data maintained by RASE may not reflect all real estate active in the market.
Posted by OwnAHomeSiouxFalls .com on February 24th, 2010 8:22 AMPost a Comment (0)
75.0 million housing units were owner-occupied in the fourth quarter of 2009. This is lower than the peak number of owner-occupied units, 75.9 million, reached in 2006, but the number has stabilized after a general decline in 2007 and 2008.
The Census Bureau combines data from the Housing Vacancy Survey and Current Population Survey to arrive at these estimates.
The US home ownership rate in the fourth quarter of 2009 was 67.2 percent. The home ownership rate peaked at 69.2 percent in 2004.
Looking at a longer perspective below, we can see how extraordinary the recent stagnation in the number of owner-occupied housing units has been. Other than a decline resulting from a measurement adjustment in 2000, only one quarter in 1982 saw a year over year decline in the number of owner-occupied housing units.
While there were eight quarters of year over year decline in the number of owner occupied housing units beginning in mid 2007, the data released in the fourth quarter of 2009 shows two consecutive quarters of year over year growth.
"Copyright National Association of REALTORS®, Reprinted with permission."
Posted by OwnAHomeSiouxFalls .com on February 22nd, 2010 9:20 AMPost a Comment (0)
This is the annual Sioux Falls market report for 2009.
The local market saw increases from 2008 in New Listings (3.8%), Pending (6.6%) and Closed Sales(4.7%). The areas that saw decreases from 2008 were Median Sales Price (2.1%) and Average Sales Price (3.7%).
Comments: Throughout the year we saw the number of available homes for sale in Sioux Falls peak at 1326 homes for sale in July and averaging about 1180 available homes at any given time, which is slightly less than the average of 2008.
Comments: In 2009, Sioux Falls homes held pretty steady with the average sales price of $167,378 and a median sales price of $142,942.
Comments: For the homes in the Sioux Falls real estate markets that SOLD in 2009, the days on market ranged from just 70 days in November to 108 days in March. The average time that a home in Sioux Falls stayed on the market was just 86 days.
Comments: In 2009, the Sioux Falls real estate market saw a total of 2357 homes sell in 2009. The most homes sold in June at 286 and the least amount of homes sold in January at 75.
Comments: The Sales Price to List Price average for homes sold in Sioux Falls fluctuated significantly throughout the year. March had the lowest ratio at 88.4% and September & October had the highest with 98.8%. The year end average ratio for 2009 was 95.3%.
Based on the city of Sioux Falls real estate sales information from the REALTOR Association of the Sioux Empire (”RASE”), for January-December 2009 . RASE does not guarantee or is in any way responsible for its accuracy. Data maintained by RASE may not reflect all real estate activity in the market. The figures also do not take into account any Seller's Concessions.
Posted by OwnAHomeSiouxFalls .com on January 26th, 2010 3:14 PM
Sioux Falls Real Estate Market for December 2009
It is no surprise that home sales in the Sioux Falls area have slowed in December. With the “initial” tax credit ending in November, we saw a huge increase in the amount of sales/closings for that month. Sioux Falls had 154 pending sales during the month – which is down 1.3% from last December. The area finished up 2009 with 3,411 overall sales – a 6.6% increase from 2008. The housing supply for 2009 also increased 3.8% from 2008 with 6,215 new listings this year.
Despite the increase in new listings, strong sales have helped to lower the “Months of Supply” Inventory down to 6.4%. This is a 15.3% decline from a year ago and shows signs that the market it moving in the right direction. Keep in mind that this is for overall inventory (all price ranges). There are some select price ranges that still have an excess in inventory to move before those specific markets come back towards equilibrium.
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