Most real estate markets in Jackson County showed gains in the median price of existing homes sold in the past three months, according to figures released this week by the Southern Oregon Multiple Listing Service.
Overall for the county, median prices climbed 9.1 percent for the July through September period, compared with the same period in 2011. The 2012 median price hit $169,900, compared with $155,750 in the previous year.
The three-month period also showed a 24 percent gain over the previous year in the number of existing homes sold, with 564 homes sold, up from 454 in the three months in 2011.
The largest number of homes sold came in east Medford, with 168 existing homes selling at a median price of $180,650.
In 2011, 140 sold in the same area with a median price of $165,000.
West Medford was next in numbers of sales, with 93 homes, followed closely by Central Point, where 92 existing homes sold, and Ashland with 82 homes sold. Ashland had the highest median price in the county at $308,500.
Real estate observers say the increase in prices comes both from increased demand — spurred by continuing low interest rates — and decreased supply. The total number of homes on the market as of Sept. 30 was 1,139, down almost 25 percent from the 1,517 on the market on the same day in 2011.