For local real estate agents, there wasn’t much to be happy about during the past winter.

But spring, stimulus money and attractive financing are bringing hope and results.

“The agents have been busy the past few weeks. People are looking and people are buying,” said Tom Atwood of Century 21 Atwood Realty in Mankato.

With the housing inventory finally dropping, real estate agents are even seeing something they haven’t witnessed for quite some time.

“We’re starting to see multiple offers on properties, which we haven’t seen for a while. It used to be the norm, but not in the past year,” Atwood said.

The market remains decidedly geared toward the buyer.

Median home values are down in the Mankato region by about 5 percent in January and February compared to a year earlier. The median sale price in the region in February was $123,550.

That’s far less of a drop than the 20 percent fall in the Twin Cities in January compared to a year earlier.

And buyers have other things working in their favor. First-time home buyers can take advantage of a $7,500 tax credit rolled out as part of the stimulus package. Interest rates are at about 4.75 percent on a 30-year loan, a 50-year low. And the affordability factor is the best it’s been in at least two decades.

The affordability index looks at the median income in an area compared to the median home sales price. In the 10-county Mankato area, the affordability number is 221, meaning that people making the median income could, theoretically, buy more than two median-priced homes and afford the payments.

“The Realtors Association has been doing that affordability index for about 20 years and this is the best it’s ever been,” Atwood said.

He said home shoppers are saying they believe housing prices have hit bottom.

One segment of the housing market has been brisk in recent months — the sale of low-priced foreclosed homes.

“The real distressed properties, they are going fast and they’re priced that way. The companies that have them just what to get rid of them,” Atwood said. “The down side is they are in tough shape and buyers have to realize they have to come in and do some work and hope they don’t find anything seriously wrong.”

The other end of the market is decidedly slower.