Fewer homes sell, but prices continue to climb
Even with an expanding inventory, the pace of existing home sales slowed during the past three months.
(Correction: A missing word has been restored in this sentence.)
While the median sales price of existing home rose 5.6 percent, the Jackson County market saw an 18.3 decline in activity between Nov. 1 and Jan. 31, according to figures compiled by the Southern Oregon Multiple Listing Service.
The countywide median price during that period was $192,750, a solid year-over-year bump from $183,000. Homes that sold also disappeared from the market faster with an average of 53 days on market, compared with 65 a year ago. A total of 376 homes were sold during the period, compared with 460 a year ago.
Normal transactions accounted for 83 percent of the closings. Distressed property sales continued to decline, with just 62 such deals taking place during the three month run, compared with 162 a year ago.
The number of rural sales was largely unchanged year-over-year, but the median price soared 30.2 percent to $299,500 from $230,000. Those properties also sold faster than in the past, with the average selling time dropping to 129 days from 162.
— Greg Stiles