Home Prices Continue to Rise Region-wide

Rochester, MN (KROC-AM News) - A monthly report on southeastern Minnesota’s real estate marketplace shows home prices continued to rise at a steady clip last month.

The Southeastern Minnesota Realtors group is reporting the median sales price of existing homes in the region was up 8.8-percent from last October at $174,000. The number of closings on existing homes sales increased 1.2-percent while pending sales were down 5-percent. The number of homes listed for sale in the region dipped below 1,400, which was down over 14-percent when compared to October 2016.

The statistics compiled on the Rochester real estate market show many of the numbers are comparable to last year, with the exception of home prices. The report shows the median sales price of existing homes in Rochester has risen almost 13-percent this year to $220,000. The number of closings in the city is down less than half a percentage point from a year ago, while the number of homes for sale last month was down about 3-percent from last October.

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