With the month of July now in the books, the Southeast Minnesota Realtors recently released the latest housing data from last month, which as you might expect, was more of the same of what we’ve been seeing for most of 2017, and even in 2016 for that matter.
Once again, the median home sales price in the Rochester area increased slightly year-over-year last July, this time jumping by 2.2%. In addition, inventory also took a major hit compared to this time last year, falling 22.1% to just 1,406 units.
The steady decline of existing homes on the Rochester real estate market continues to be the driving force behind increased home prices, but buyers still seem to be responding. As noted in SEMR’s monthly report, many communities in Rochester are still seeing multiple offer scenarios that result in buyers paying over-asking, and many homes are even sold and off the market in just a single day.
Despite sales activity throughout Rochester staying robust, many continue to speculate how much longer this can continue as construction shortages loom and more would-be first time home buyers increased become priced out of the market.