Document text
Home sales slide in Jackson County After the housing boom of the late 1990s, things are returning to normal in the Rogue Valley, says local Association of Realtors By GREG STILES Mail Tribune Jackson County home sales dropped 23 percent in October from the previous year, the largest year-over-year percentage drop since January. Figures compiled by Roy Wright Appraisal Service showed only 167 units exchanged hands, compared to 217 in 2000. That's the lowest sales figures since February when 114 houses sold. It also marked the third straight month that sales have declined compared to 2000. Year to date, however, sales are ahead 3 percent and prices remain 6 percent higher. "People are more worried about the economy than they are housing," says Southern Oregon Multiple Listing Service CEO Gary Stine, "but it's slowed up a little more." Ashland sales, which forged ahead both in the number of units and price in the first half of the year, dropped off dramatically in the third quarter. Judging from October's 66 percent decline, fourth-quarter transactions will be well off 2000's figures. That's to be expected, said Rick Harris, president of the Rogue Valley Association of Realtors. "If you look back to 1998 and before, things are returning to normal," Harris said Monday. "We're coming off two years of really hot markets, two years where we had a really low inventory and escalating prices." The escalation of prices in Ashland continued, with an average sales price of $276,766, an 18 percent increase. In 2000, 47 single-family homes sold in Ashland. Forty-one sold in 1998, and 37 in 1999. "If you want to know why there's a drop to 16 sales, all you have to do is look south," Harris said. "Someone shut off the switch in June and the market's gone cold. On top of that, people have been more cautious since Sept. 11." Sales in east Medford have dropped 41 percent, with just 40 units turning over in October. The average sales price was just over $175,000. Central Point and west Medford, however, have countered with gains of 22 percent (33 units) and 54 percent (37 units) in October. Central Point's average price was $146,369 and West Medford's was $119,735. Phoenix and Talent showed sales declines of 31 percent, dropping from 16 to 11, while average prices increased 5 percent to $139,134. New home sales have declined 7.1 percent to 405 in the county, although the average price continued to climb to $176,600. A total of 458 rural homes have sold this year, down 5.8 percent. But the price rose 4.5 percent. Two other pieces of news underscored the local trend on Monday. The federal government reported a 17 percent decline in housing starts in the West as both single and multi-family starts fell of and permits were at their lowest level since December of 1997. Lowe Company's chairman, president and chief executive Robert L. Tillman said Americans are investing in their existing homes more than ever. The head of the Wilkesboro, N.C.-based building products company with 734 stores - including one in Medford - in 42 states, said there has been a "cocooning" among consumers as they spend more on home improvement. Lowe reported a 24 increased in net earnings on Monday. "I believe the economy has bottomed," Tillman said. "I don't believe we are going deeper into a recession." Reach reporter Greg Stiles at 776-4463 or e-mail [email protected] . Mail Tribune Home | Ottaway Newspapers, Inc. | Dow Jones & Co., Inc. | Privacy | Contact Us Copyright � 2001 Mail Tribune, Inc.