Rochester, MN (KROC-AM News) - A new report on the real estate market in southeastern Minnesota shows it continues to favor sellers.

The Southeastern Minnesota Association of Realtors says the number of closings on sales of existing homes was down seven percent, while pending sales were off about four-percent in October when compared to the same month last year.

The decline in transactions can be traced to an ongoing slide in the number of homes being put up for sale. Throughout the region, the number of new listings was down about 12-percent when compared to October 2015 and there were only 1530 homes listed for sale. That’s a drop of about 24-percent from last October and helped push the median sales price up 6.7-percent to $160,000.

In Rochester, the median sales price has risen 7.6-percent this year to about $195,000. The number of new listings this year is off about 4-percent, which contributed to an 11-percent drop in the number of homes for sale in October. The report says the 376 homes on the market represented an inventory of less than two months supply.

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