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Also home prices moved lower as the median sales price was down 5.0 percent to $242,163. The days on market increased 16.3 percent to 57 days and month’s supply of inventory was up 44.4 percent to 1.3 months. According to the Southeast Minnesota Realtors indicators report, “with buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter.” Jandt and the rest of the SEMN executive committee say that Rochester is a bit more of an economically protected environment. “We have heard in some larger markets the prices are taking much more of a hit and seeing more price corrections and longer days on the market,” the committee says. dependent residential real estate arena.
Eric Brownlow, association executive and government affairs director at Southeast Minnesota Realtors.
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Brownlow points to the Southeast Minnesota Realtors most recent monthly indicator report which states that, in its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February 2023 by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of 2022, when the interest rate was nearly zero. “Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors ® ,” the report says. In Southeastern Minnesota, including the Rochester region, new residential listings were down 26.7 percent to 300 and pending sales decreased 24.4 percent to 303. Inventory grew 23.1 percent to 592 units.
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Advantage Magazine | 5
April 2023
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