Supply Issues Crimping Region’s Home Sales
Rochester, MN ((KROC-AM News) -- Southeastern Minnesota experienced a slowdown in existing homes sales last month.
The Southeastern Minnesota Association of Realtors reports the decline was mainly due to a significant drop in the number of homes for sale in the region. The number of closings was down nearly 25-percent from February of last year, which matched the percentage drop in the number of homes on the market. Throughout southeastern Minnesota, fewer than 1500 homes were listed for sale last month.
The association’s monthly report also shows pending sales fell 1.4-percent, while the median sales price rose 2.5-percent from February 2015 to $142,000. A number of other statistics also point to a shift to more of a seller’s market, including an 18-percent drop in the average number of days a home was listed before selling. That figure fell from 117 last February to 96 last month.
In Rochester, the report shows the number of closings this year is down nearly 20-percent, while the median sales price has climbed over 11-percent to $180,500. It also indicates there were only 334 homes listed for sale in Rochester last month. That was down almost 30-percent from a year ago.