Shrinking Inventories Pushing Local Home Prices Higher
Rochester, MN (KROC AM News) - A monthly report on the region’s real estate market shows existing home prices continue to rise as the number of homes for sale continues to shrink.
The Southeastern Minnesota Association of Realtors is reporting the number of closings on existing home sales in June was down 6.7-percent from a year ago, while pending sales were down 5.2-percent. The median sales price of existing homes sold in the region climbed seven-percent to $178,500.
The report also shows the number of new listings was down over 4-percent when compared to June of last year, and the inventory of homes for sale plummeted 23-percent to just over 1700 homes. Region-wide, the average number of days a home was for sale before being sold dropped over 18-percent to just 63 days.
In Rochester, the number of closings on existing home sales fell 14-percent from June of last year, while the median sales price jumped 8.3 percent to just under $195,000. The association’s data shows there were only 368 homes on the market in the city last month, which is down over 18-percent when compared to last June.