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

Home Sales in November 2010 - 92
Home Sales in November 2009 - 80

Average Home Sale Price in November 2010 - $188,160.00
Average Home Sale Price in November 2009 - $178,214.00

Good news in that the average sale price is climbing slowly.  Prices appear to have stabilized and are beginning to inch upward.  More sales this November compared to last which is a second dose of good news! 

Monthly Inventory Absorption Rate

November 2009 - 6.69 months
November 2010 - 7.75 months

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

Home Interest Rates: 

December 17th, 2010:
Conventional 30 Year Fixed - 4.875%; up 0.50% from last month
FHA/DVA 30 Year Fixed - 4.75%; up 0.50
USDA Rural Development - 4.75%; up 0.38
Minnesota Housing First Time Homebuyer - 4.375%; up 0.50
Convetional 5-1 Adjustable Rate Mortgage - 3.75%; up 0.50

Affordable Index:

October 2009:  Median Sales Price = $172,000; Interest Rate = 5.10%; Monthly Payment = $747.00; Payment as % of Total Income = 14.7%. 

October 2010:  Median Sales Price = $171,100; Interest Rate = 4.62%; Monthly Payment = $703.00; Payment as % of Total Income = 13.6%. 

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