Real estate prices continue to rise as sales slow a bit

The pace of Jackson County residential housing sales slowed in August, but prices climbed despite rising mortgage rates.

The median price for an existing single-family residence rose 16.5 percent year-over-year to $196,900 from $169,000 between June 1 and Aug. 31, according to figures compiled by Southern Oregon Multiple Listing Service. The median sales price in August was $202,000, up from $200,000 in July.

For the first time in five years, however, more existing homes were on the market than a year earlier. The 1,229 houses in the SOMLS system marked a 2.3 percent gain over the inventory a year ago. The houses were on the market an average of 43 days, down from 58 a year ago.

During the three-month period, 573 residences sold, down 6.2 percent from the 611 exchanging hands during the summer of 2012.

New construction continued on its recent roll, with a 50 percent increase in the number of homes sold during the summer months and the median price growing 22.5 percent to $229,100 from $187,000. Most of the activity, according to SOMLS, was in Medford and White City. Many of the county's new construction deals, however, are not reported to SOMLS.

— Greg Stiles

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