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Jackson County sees home sales drop as interest rates rise By Kevin Opsahl Oct 10, 2022 12:30 AM A A A home is for sale off of Orchard Home Drive near South Medford High School. [Jamie Lusch / Mail Tribune] Jackson County’s housing market slowed in September as interest rates climbed to their highest in 15 years, with existing home sales dropping 24.4% over last year, pending sales down 21.8% and new listings declining by 40.2% over last year, according to the Rogue Valley Association of Realtors. “The interesting thing in the statistics is that it's rare that you see a 24% fall-off in sales year-over-year and a fall-off in supply — normally, the two are working in opposition as the economy changes,” said Colin Mullane, a broker with Rogue Valley Association of Realtors. “But what’s happening is, because sellers are sitting on some excellent mortgages below 3%, they’re reluctant to put their home on the market and face their next purchase at a 6% or 7% interest rate.” During the last rolling quarter, 627 houses sold compared with 829 during the same period last year, and the number was down from the 706 homes sold between May 1 and July 31 this year, according to the Southern Oregon Multiple Listing Service. The median sales price in Jackson County was $409,000, up 7.6% from the same period last year. During the period of May 1 to July 31 this year, the median sales price was $419,000. New listings during the period declined by 196 in Jackson County compared with the same period last year. Medford saw 78 fewer new listings this year than last; Ashland saw 42 fewer; Central Point saw a drop of 34; and Eagle Point saw 28 fewer listings. In terms of sales, Medford saw 22 fewer sales during the last three months than it did during the same period a year ago; Ashland and Central Point saw 15 fewer; and Eagle Point recorded seven fewer sales. Homes during the period sold at an average of 34 days on the market compared with 21 days a year ago. As of Oct. 6, 794 houses in the county were on the market. The median price for a rural home in Jackson County was $577,250 in September, down 9.3% from last year’s $636,750, the multiple listing service showed. Distressed properties accounted for 0.7% of the total inventory and 0.8% of existing home sales. Reach reporter Kevin Opsahl at 541-776-4476 or [email protected]. Follow him on Twitter @KevJourno.