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Rochester MN Homes for Sale

 

Rochester MN Homes for Sale
Although home sales have fallen 9.6% compared to the previous month, they remain close to last year’s levels, showing only a 2.8% decline. The unseasonably cold weather across much of the country during late January and February could have kept buyers indoors more so than normal. Gradual improvement with bumps along the way has long been the anticipated road to full recovery. In fact, home sales remain 26.4% above the low last July. As Lawrence Yun, chief economist of the National Association of Realtors, explains “month-to-month movements can be instructive, but in this uneven recovery, it’s important to look at the long-term performance.”

Rochester MN Homes for Sale
Home Price
Home prices continued to soften in January with median home prices decreasing to $156,100. This is 5.2% below the year-ago level and brings the median price close to February 2002 levels. Two out of every five homes sold during February, or 40% of sales, were distressed properties. Distressed sales often sell for 10%-20% less than traditional home sales. The decline in home prices is less reflective of the value of individual homes and more reflective of the bargains that a record level of all cash buyers and investors are snapping up. Prices and mortgage rates remain favorable for buyers as the spring selling season starts.

Rochester MN Homes for Sale