Area Real Estate Market Heats Up
Rochester, MN (KROC-AM News) - Southeastern Minnesota experienced a sizeable jump in the number of existing home sales last month.
The Southeastern Minnesota Association of Realtors is reporting the number of closings on existing home sales rose 21-percent, while pending sales were up about 26-percent when compared to May of last year. The group’s monthly report also shows the median sales price rose 11-percent to just over $151,000, while the number of homes for sale dropped 16-percent to a 4.3 months supply, which is down 26-percent from last May.
Statewide, the Minnesota Association of Realtors reported the number of closings on existing home sales was up 13-percent from May of 2014, while pending sales rose 9-percent, and the median sales price climbed 7.6-percent to about $199,000.