My New Blog

The five numbers that every home buyer or seller should be aware of are: Prices, Sales, Current Inventory, Interest Rates, and Affordability. Having a pulse of these five statistics will help keep you "in the zone" so to speak. Let's take a closer look at the most recent stats for these five areas for the Rochester, MN area.

Home Sales Rochester:
May 2011 - 205
May 2010 - 208

Average Home Sale Price Rochester:
May 2011 - $168,301.00
May 2010 - $164,417.00

Monthly Absorption Rate Rochester:
May 2011 – 8.86 Months
May 2010 – 8.76 Months

Rochester Area Home Interest Rates as of June 10th, 2011:
Conventional 30 Year Fixed – 4.375%; down from last month
FHA/DVA 30 Year Fixed – 4.375 %; down from last month
USDA Rural Development – 4.25%; down  from last month
MN Housing First Time Homebuyer – 4.125%; no change
FHA 5-1 Adjustable Rate Mortgage – 3.25%; down

Affordability Index Nationwide:
April 2011: Median Sales Price = $163,000; Interest Rate =4.93%; Monthly Payment = $695.00; Payment as % of Total Income =13.50%.

April 2010: Median Sales Price = $172,500; Interest Rate =5.10 %; Monthly Payment = $749.00; Payment as % of Total Income =14.70%.