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JACKSON COUNTY Jackson County real estate sales, prices still climbing Home sales climbed 32.5 percent, while median prices rose 10.5 percent Comment By Greg Stiles For the Tidings DailyTidings.com By Greg Stiles For the Tidings Posted Aug. 7, 2015 at 4:30 PM By Greg Stiles For the Tidings Posted Aug. 7, 2015 at 4:30 PM » Social News Single-family home sales in Jackson County soared 32.5 percent between May 1 and July 31, pushing the median price 10.5 percent higher than a year ago. The countywide median hit $237,500, up from $215,000, as 812 homes changed hands during the three-month period, compared to 613 a year ago, according to figures compiled by Southern Oregon Multiple Listing Service. Meanwhile, the supply of available housing stock plummeted 13.3 percent, to 1,126. After prices remained relatively flat in May, June and July saw back-to-back surges. "We have seen two consecutive months of urban home price increase over 15 percent above the same month of the previous year," said real estate appraiser Roy Wright, who has tracked the market since the 1970s. "Our prices are still not up to where they were when they dropped off in '05," Wright said. "Year to date, we're looking at a $260,000 average, a long ways from the $320,000 average in late '05 and early '06. Places like San Francisco and New York are exceeding those (pre-crash) numbers, but we've got a ways to go before we hit an all-time high." Phoenix (-1.8 percent) and Jacksonville (-13.9 percent) saw median declines, but northwest Medford (51 percent), Central Point (25.7 percent) and the Upper Rogue communities of Shady Cove and Trail (36.9 percent) saw significant year-over-year gains. East Medford, which accounted for more than 30 percent of the transactions in the past three months, saw its median rise 15.6 percent to $260,000, while high-end Ashland saw its $360,000 median remain the same as it was a year ago. "The old theories of supply and demand are working in most places around the county," Wright said. "Increased (buying) demand and a decreased supply results in the price going up. That works everyplace except for Ashland." While the year-to-date average price in Ashland is $385,614, the July average was $367,365, Wright said. There's nothing to suggest the trend will slow for the remainder of the summer. "The experts said interest rates were going to go up," Wright said. "So far, they haven't, they've gone down. Our unemployment numbers are improving, more people are working, incomes are a little higher than a year ago, and the cost of energy is down so people have more money in their pockets." The median price for new houses sold through the SOMLS was $304,900 for the period, 30.9 percent higher than a year ago. Despite that trend and the falling inventory of homes for sale, there hasn't been a rush to build more houses. "I still don't see people building a lot of spec houses," Wright said. "From that point of view, builders still seem to be fairly conservative." Reach reporter Greg Stiles at 541-776-4463 or [email protected] . Follow him on Twitter at www.twitter.com/GregMTBusiness , on Facebook at https://www.facebook.com/greg.stiles.31 , and read his blog at www.mailtribune.com/EconomicEdge By Greg Stiles For the Tidings DailyTidings.com By Greg Stiles For the Tidings Posted Aug. 7, 2015 at 4:30 PM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... 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