Expert talks how interest rate hikes has impacted the housing market

SIOUX FALLS, S.D.(KELO)- The fastest series of interest rate hikes in U.S. history are working their way through the economy.

The impact of that is seen in the housing market.

Single family home sales are half what they were a year ago according to the Mid-Year Economic Outlook by Bender Commercial Real Estate in Sioux Falls.

Bender Commercial President Reggie Kuiper (KIPE-per) says multi-family and commercial markets are better…but it’s taking creativity to make deals work.

Kuiper says larger down payments and assumable loans are key to keeping the commercial market going.

Kuiper says the Sioux Falls market is unique.

Kuiper says some of those larger companies may never call their employees back into the office setting, despite the benefits provided by the traditional office setting.

Kuiper expects interest rates to hold steady for the rest of this year, with potential increases again next year.