Rochester, MN (KROC-AM News) - Despite concerns about affordability, with housing prices rising much faster than wages, the demand continues to outstrip the supply of existing homes for sale across southeastern Minnesota.

A monthly report issued by the Southeastern Minnesota Association of Realtors says the number of closings last month on sales of existing homes was steady when compared to July of last year, while the number of pending sales increased nearly 5-percent regionwide. The number of new listings was up 7.7 percent, but the inventory of homes on the market shrank 4.7-percent from a year ago to just over 1400 units. That helped push the median sales price up 8.6-percent to just over $192,000.
In Rochester, the association’s report shows the number of homes for sale increased last month, rising 7.3-percent from last July to 413 homes. The median sales price also climbed almost 7-percent to $235,000, even though the number of closings 3.3-percent lower than it was in July 2017.

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