Home sales dip, but prices continue to rise

The pace of existing residential real estate sales slowed during the late summer and early fall in Jackson County, but median prices edged higher.

Figures compiled by the Southern Oregon Multiple Listing Service show home sales fell 9.9 percent from Aug. 1 through Oct. 31, compared to the same quarter the previous year with 518 transactions compared with 575 houses sold during a similar period in 2012.

The countywide median price for the quarter came in at $208,250, up 19 percent from $175,000 in 2012. Homes also sold faster, lasting 51 days on market, compared with 59 days a year ago.

At the same time, inventory continued to grow, with 1,129 houses listed in the SOMLS system as of Oct. 31 versus 1,012 a year earlier, a 11.6 percent jump.

Normal transactions accounted for 84.4 percent of sales at a median of $219,900. Short sales made up 9.7 percent of the deals at a median of $154,500, while foreclosed properties accounted for 4.4 percent of the transactions with a median price of $151,500.

New homes sales appearing in the Southern Oregon Multiple Listing Service declined during the three months ending Oct. 31.

While many new homes in Jackson County are sold directly by builders, the median price for those going through the system during the past three months was $199,900, down 10.4 percent from the $223,000 median a year ago and well off the $208,250 median for existing homes.

The majority of local new construction sold through SOMLS between Aug. 1 and Oct. 31 was in west Medford, where the median price rose 5.2 percent year over year to $188,900 from $179,500.

Central Point saw an 8.4 percent pick up in its median sales price for new construction to $221,696 from $204,450.

— Greg Stiles

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