House Prices Rising in South Dakota

The Rapid City Journal reports from South Dakota that average home prices, including manufactured housing, increased $10,000 from last June to $181,500 June 2011 in Rapid City, SD.  Linda Rausch, president of the Black Hills Association of Realtors, says demand not inflation has pushed the prices up. Says Rausch, “This is a great sign. … It means people are buying, which means people will then buy furniture and stuff to put in their homes, and so it helps the economy overall.”  She says foreclosures are up ten percent recently, but Rapid City had one foreclosure per 2,962 housing units in May.  The national average for May 2011, according to RealtyTrac, was one in every 605 housing units.


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