Rochester, MN (KROC-AM News) - A limited and shrinking supply of homes for sale continues to tamp down sales of existing homes in southeastern Minnesota.

A monthly report from the Southeastern Minnesota Association of Realtors shows the number of closings on home sales was down about two percent when compared to January 2016, while the number of new listings dropped more than 16 percent and the number of homes for sale fell almost 30 percent. The competition for the homes for sale across the region raised the median sales price 20 percent to just under $165,000.

In Rochester, the association reported new listings of existing homes for sale were down 19 percent from last January, and there were only 241 homes on the market. That represents just over one month’s supply. Despite the shortage of homes for sale, the median sales price in Rochester last month climbed less than 2.5 percent from last January to just under $187,500.