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0 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW Leveling the playing field for back-to-school supplies ... Making progress ... Our View: Every little bit helps in reducing emissions ... Leveling the playing field for back-to-school supplies ... Making progress ... Our View: Every little bit helps in reducing emissions ... REAL ESTATE Jackson County median home price hits $215,000 in first quarter Comment By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Apr. 3, 2015 at 4:37 PM By Greg Stiles Mail Tribune Posted Apr. 3, 2015 at 4:37 PM » Social News The median sales price for existing single-family residences in Jackson County jumped 14.7 percent to $215,000 from $187,500 during the first quarter of 2015. A year ago, seven of Southern Oregon Multiple Listing Service's 13 urban market areas had a median below $200,000. The present median is 26.8 percent higher than the $169,500 figure five years ago but is not fully back to the range it was during the peak nearly a decade ago. Local real estate agents point to depleted inventories and low mortgage rates for the rise. Even with the inventory of houses on the market rising nearly 3 percent year-over-year, agents are looking for more houses to sell. "The battle cry starting in January was that we didn't have enough inventory," said Ron Galbreath, an agent with Coldwell Banker Pro West Real Estate in Medford. "A lot of people heard that and jumped on the market hoping to capture that elusive buyer they've been waiting for the last two or three years." Every area but Ashland and the Upper Rogue saw median gains. In Ashland's case the 4.6 percent median decline to $329,000 from $345,000 a year ago appears to be an anomaly because the one-month March median bounced back to $345,000. While more transactions are taking place, the time from listing to pending sales increased. Between Jan. 1 and March 31, sales increased 22.5 percent over the same period in 2014, with 435 houses exchanging hands compared to 355 a year ago. The number of days it took houses to sell during the period stretched to 72 days from 63 a year earlier. With the typical buying season approaching, the inventory will be tested further. With California having all the water problems they are having now, we could see an influx of new buyers," said Bruce Hoevet, an agent with Re/MAX Ideal Brokers in Medford. The rising median, however, raises the specter of affordability when valuation outruns wage growth. "We've had a lot of job growth in this area, but mainly minimum wage or a little above minimum wage job growth," Galbreath said. "Affordability is still the question. Homes that are under $225,000 sell quickly and those over $300,000 not so much." As the median pushed above the $200,000 range, some would-be buyers are having a harder time qualifying, Hoevet said "For those qualified to buy a $150,000 to $160,000 home, what they've been able to buy has shrunk," Hoevet said. "Because the prices have gone up to $178,000 to $189,000 for those homes, it's knocked them out." For those able to qualify, Galbreath said, ownership remains an attractive option versus renting — especially at tax time. "You could have actually lost a home (to foreclosure) three years ago and obtain an FHA loan with a lower credit score," Galbreath said. "But you need to have a good down payment — 3½ percent or more." New construction prices also increased during the first quarter, with the county median hitting $285,000, 16.7 percent above the $244,120 figure a year earlier. The median price for a rural houses was $287,500, up 12 percent from last year's $256,750. 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/ Economic Edge .   By Greg Stiles Mail Tribune MailTribune.com By Greg Stiles Mail Tribune Posted Apr. 3, 2015 at 4:37 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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