Home prices "under heavy pressure" in Rochester - KTTC Rochester, Austin, Mason City News, Weather and Sports

Home prices "under heavy pressure" in Rochester

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ROCHESTER (KTTC) -- Homes were still selling at a good pace in March in metro Rochester, but the real estate market doesn't seem to be as robust as it was a year ago.

Active listings so far this year are down 9.8 percent from this same time in 2010.  "New listings" are down 15.5 percent.  The number of homes sold in March was also down significantly, at 12.1 percent lower than one year ago.   And perhaps most telling--the Median Sales Price of homes sold in Rochester so far this year is down 2 percent to $145,900.

"The year over year numbers are still struggling to match the activity produced last year because of the stimulative effect of the tax rebate for purchases closing before June 30 of last year," notes Duane Sauke, the MLS President of the SouthEast Minnesota Association of Realtors. "Overall home prices are still under heavy pressure." 

There were 359 new homes on the market in Rochester in March, and so far this year, 234 homes have sold in the metro area.

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