Rochester real estate sales drop in July
The number of homes sold in Rochester in July dropped to 86, just a little more than half of the 166 sold a year ago, according to monthly housing data from the Southeast Minnesota Association of Realtors.
Year-to date, 944 homes have been sold, down 9.4 percent from a year earlier.
The number of pending sales in July was 100, down from 150 in July 2009.
"The homebuyers seemed to be on summer vacation," said Shawn Buryska, MLS president of the Southeast Minnesota Association of Realtors.
Still, record-low interest rates, along with plenty of selection and low prices, await buyers, Buryska said.
Rochester's home market received a boost earlier this year because of a federal income-tax rebate for some homebuyers, but that expired April 30 and the market has slowed since.
The median sales prices in July was $150,000, down 4 percent from a year earlier.
The good news is homes are selling faster. The average time on market is 108 days, down from 134 in July 2009.
There were 165 new listings in July, down from 229 in July 2009.