Rochester, MN (KROC-AM News) - The arrival of Spring boosted southeastern Minnesota’s real estate market, despite an ongoing shortage of homes for sale.

The monthly report issued by the Southeastern Minnesota Association of Realtors shows there were 422 closings on sales of existing homes throughout the region, which was up 5.4-percent when compared to March of last year. The number of new listing was down over 11-percent from a year ago, and the number of homes listed for sale dropped to only 1,169, which over 27-percent below the total from March 2016.

Fewer homes available continued to push prices higher, with the median sales price across southeastern Minnesota rising 10.6-percent from March of last year to just under $166,000 dollars.

Rochester’s real estate market produced 387 closings on sales of existing homes during the first three months of the year. That’s up over 17-percent from the first quarter of 2016.

The median sales price in Rochester, which reached a milestone in February by rising above $200,000, came in at $205,000 in March, which represents an over 17-percent increase from last March. The number of homes for sale in the city was down 17.4 percent from last March with only 314 on the market last month.

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