Home prices continue to rise as number of sales holds steady

The pace of existing single-family residential property sales in Jackson County remained steady while the median price continued to rise, according to figures compiled by Southern Oregon Multiple Listing Service.

The median price for existing homes sold between May 1 and July 31 climbed 17.9 percent to $194,500 from $165,000 a year ago. The median price for July alone was $200,000, indicating the trend line may rise some more during this buying season.

A total of 601 residences exchanged hands during the three-month period, one less than a year earlier. Although the 1,181 homes on the SOMLS inventory is up from the 1,123 a month ago, it is down 2.4 percent from the 1,210 available a year ago.

The turnaround time from when a house goes on the market fell to 47 days from 67.

New home activity continues to improve as well with 60 units selling between May 1 and July 31, compared to 49 a year earlier. The median for those homes rose 22.5 percent to $229,100. Many new homes, however, are sold outside the SOMLS system.

— Greg Stiles

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