February 25th, 2011 1:49 PM

 

Real Estate stats for the Rochester, MN area for 2011 as compared to 2010 for the month of January. 

Home Sales in January 2011 - 49
Home Sales in January 2010 - 61



Average Home Sale Price in January 2011 - $147,627.00
Average Home Sale Price in January 2010 - $166,818.00

 
Monthly Inventory Absorption Rate

January 2011 - 7.86 months
January 2010 - 6.12 months

 

Home Interest Rates: 

February 25th, 2011:
Conventional 30 Year Fixed - 4.75%; no change from last month
FHA/DVA 30 Year Fixed - 4.50%; down 0.25 from last month
USDA Rural Development - 4.375%; down 0.125 from last month
MN Housing First Time Homebuyer - 4.50%; up .25 from last month
FHA 5-1 Adjustable Rate Mortgage - 3.50%; up 0.125

Affordability Index Nationwide:

December 2009:  Median Sales Price = $169,600; Interest Rate = 5.00%; Monthly Payment = $728.00; Payment as % of Total Income = 14.2%. 

December 2010:  Median Sales Price = $169,300; Interest Rate = 4.69%; Monthly Payment = $702.00; Payment as % of Total Income = 13.5%. 

Lower interest rates and steady average wages made home buying more affordable in December 2010 than it was in 2009. 

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