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Refinancing heats up Mail Tribune / Drew Fleming Builder Charles Mahar, left, of Mahar Homes, and carpenter Nick Goodman discuss detail work Monday on a nearly completed home on Silverbirch Court in east Medford. By GREG STILES Homeowners are keeping appraisers busy with refinancing reports, but Jackson County home sales have declined in recent weeks. "All of the appraisers are running their tails off because of home refinancings," said Medford real estate appraiser Roy Wright. "I know why I was busy. As long as interest rates stay down, people keep refinancing " Home sales in the county dropped 10 percent in August from a year ago, but overall sales are still 7 percent ahead of 2000. Prices also remained well above what they were a year ago. Figures compiled by Wright show that the average selling price is $178,738, up $8,136 from last year. The average national price is slightly less: $178,000. "We're real busy, but mostly with re-fis," said Bill Hutchinson of Westfall Appraisal Inc. "We're scheduled for the next week and a half." In boom times, Westfall Appraisal does three to five inspections per day. In slow times, Hutchinson said, the rate drops to about one a day. The change of pace is most pronounced in Ashland, where year-over-year transactions fell 46.15 percent. Prices still remain 14 percent ($33,371) ahead of last year. "Ashland is a bellwether for Southern Oregon," Wright said. "When prices come down, they're the first to come down. When they come up, they're the first, too. "Ashland goes through periods of big bursts and then it will level off for a year. Last year was such a big year in Ashland that things were bound to taper off. Still, selling prices are up 14 percent over last year. It takes a while for sales to be down before prices come down." East Medford's inventory shortage contributed to the slowdown as well. In August 2000, 87 houses sold in east Medford, while last month 50 exchanged hands. That's a 42.5 percent drop and leaves the area with a 5.76 percent overall decline in the first eight months of the year. For the second month in a row, Central Point continued its strong gain as 40 houses changed hands, nearly double from last year. For the year, sales are up 26.4 percent and the average price is up $10,424. West Medford showed a modest 12.12 percent gain and transactions are 29.86 percent ahead for the first eight months. The average cost for a home west of the freeway was $118,254 - up $8,760 from last year. Wright's figures show rural home sales are up 6.1 percent for the year with the average price rising $39,000 to $239,924 - a hefty 19 percent gain. New construction sales are up 2.2 per over 2000. 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.