Rochester Home Sales Drop in February

A new report illustrates the impact of the harsh winter weather on the local housing market. The monthly report from the Southeastern Minnesota Association of Realtors shows there was a fairly significant drop in existing home sales in Rochester in February. Closings on sales of existing homes were down nearly 12-percent, while pending sales fell over 23-percent when compared to February 2013. The report wasn’t entirely negative. The median sale price in February rose 2-percent from a year ago to $153,000 dollars and the average number of days a home was on the market before selling declined almost 25-percent from February of last year to 87 days.