ROCHESTER, Minn. (KTTC-TV) -- Home sales in June jumped up 17 percent from a year ago in metro Rochester, showing resilience in what is already regarded as one of more stable local economic regions in the U.S.
The latest transaction statistics from the Southeast Minnesota Association of Realtors (SEMAR) suggest that the dark times of the recession might now be well behind us. Not only were June "Sold" listings up sharply, the "Pending" transactions for the month were up 17.2 percent from a year ago.
Another sign that the real estate market has stabilized in Rochester -- the Median Sales Price of "Sold" homes rose 5 percent to $156,600 from what it was in June, 2011. The realtors group notes this is a year-over-year comparison using a six-month period of transactions. But the president of the SEMAR organization contends there is no trend yet that home prices are on the rise.
"June home sales remain on the same upward trending path for the rest of the months this year," said Angie Schott, SEMAR MLS President. "The number of houses sold this June is up an average of 25% compared to the month of June last year. The number of houses sold so far this year is also up an average of 15% over last year. There is still no solid indication of home prices going up."
So far in Rochester in 2012, there have been 2,105 homes added to the market as "new listings," and 927 homes have sold.
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