Fewer Homes and Higher Prices
Rochester, MN (KROC-AM News) - Home prices continued to rise across the region last month as the number of homes for sale continued to drop.
The monthly real estate market report put together by the Southeastern Minnesota Association of Realtors shows there were just over 1300 existing homes on the market throughout the region in May. That’s down over 24-percent when compared to the same month a year ago. The median sales price was up 8.5-percent at $179,000, while the average price of the existing homes that sold last month hit $207,000 dollars.
The report shows the number of closings on existing home sales slid 6.7-percent, but pending sales were 8.7-percent higher than the number reported last May.
In Rochester, the median sales price of existing homes has climbed 15.6-percent since the start of the year to $216,000, while the number of closings dropped about 8-percent. The supply of homes for sale was down 6.3-percent from last May at 342.