Rochester, MN (KROC AM News ) - A shortage of homes for sale resulted in a drop in the number of existing home sales in southeastern Minnesota last month.

The latest monthly report from the Southeastern Minnesota Association of Realtors shows the number of closings on residential real estate transactions was down almost 14-percent when compared to last March and the number of pending sales dropped a little over 4-percent.

On the supply side, the number of new listings in the region was off 10.5-percent from a year ago and the supply of homes in the market plummeted 33-percent, dropping from 4 ½ to just 3 months. The report also shows the average number of days a home was on the market before selling slid 12-percent and the median sales price climbed 3.4-percent to $150,000.

In the Rochester real estate market, there were only 370 homes for sale last month, which was down almost 35-percent from March of last year. Through the first three months of the year, the number of closings on existing home sales in Rochester is down 23-percent from the first quarter of 2015, the number of new listings dropped 10-percent and the median sales price was up 6-percent to just under $175,000.

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