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Real Estate stats for the Rochester, MN area for 2010 as compared to 2009 for the month of December. 

Home Sales in December 2010 - 102
Home Sales in December 2009 - 70

Average Home Sale Price in December 2010 - $175,681.00
Average Home Sale Price in December 2009 - $181,122.00

The brisk sales pace in SE MN in December of 2010 was lead by a larger than usual number of Foreclosure homes which helped bring the average sale price down when comparing to 2009. 


Monthly Inventory Absorption Rate

December 2009 - 6.43 months
December 2010 - 7.36 months

The brisk sales spurred by the 2009 Tax Credit took quite a few homes out of circulation a year ago in the October - December 2009 time-frame. 

Home Interest Rates: 

January 25th, 2011:
Conventional 30 Year Fixed - 4.75%; down 0.10% from last month
FHA/DVA 30 Year Fixed - 4.75%; no change from last month
USDA Rural Development - 4.50%; down 0.25 from last month
MN Housing First Time Homebuyer - 4.25%; down .125 from last month
Convetional 5-1 Adjustable Rate Mortgage - 3.375%; down 0.50

Affordability Index Nationwide:

November 2009:  Median Sales Price = $169,300; Interest Rate = 5.09%; Monthly Payment = $735.00; Payment as % of Total Income = 14.4%. 

November 2010:  Median Sales Price = $171,300; Interest Rate = 4.54%; Monthly Payment = $698.00; Payment as % of Total Income = 13.5%. 

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