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

Home Sales in October 2010 - 107
Home Sales in October 2009 - 165

The large drop in this category can be partially attributed to the $8,000 first time homebuyer tax credit that was in effect for October 2009.  The credit was due to expire on 11/30/2009 and drove many buyers into the market in late 2009. 

Average Home Sale Price in October 2010 - $172,365.00
Average Home Sale Price in October 2009 - $170,456.00

Good news in that the average sale price is climbing slowly.  Prices appear to have stabilized and are beginning to inch upward. 

Monthly Inventory Absorption Rate

October 2009 - 7.66 months
October 2010 - 8.18 months

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

Home Interest Rates: 

November 19th, 2010:
Conventional 30 Year Fixed - 4.375%
FHA/DVA 30 Year Fixed - 4.25%
USDA Rural Development - 4.375%
Minnesota Housing First Time Homebuyer - 3.875%
Convetional 5-1 Adjustable Rate Mortgage - 3.25%

Affordable Index:

September 2009:  Median Sales Price = $175,900; Interest Rate = 5.24%; Monthly Payment = $776.00; Payment as % of Total Income = 15.3%. 

September 2010:  Median Sales Price = $172,600; Interest Rate = 4.68%; Monthly Payment = $714.00; Payment as % of Total Income = 14.0%. 

A slightly lower median sales price as well as lower interest rates and steady average wages makes home buying more affordable in September 2010 than it was in 2009.