Midwest real estate home prices up while US falls due to supply issues
Midwest home sales stayed hot in the spring, even while the rest of the country’s real estate stalled out.
Due to supply issues with lumber and other materials, there are fewer homes on the market and prices across the country stopped rising in May, according to new data from the National Association of Realtors.
In the Midwest however, home prices still rose, even while fewer people listed and fewer new construction houses went up for sale.
Home prices stopped rising in May in every region but the Midwest, where home prices went up 1.6%.
In Sioux Falls, the median sales price increased 13.3% to $255,000, according to May release data from the Real Estate Association of the Sioux Empire (RASE). Inventory went down by about a quarter from April to May though.