Home buyers are in unfamiliar territory, as housing prices continue to climb. Realtors tell NBC 5,in recent years home prices generally slumped as weather declined. Yet this year, Core Logic, a residential property analyst, reports Medford home prices increased 1.6 percent from August to September.
Realtors say there are three main reasons numbers keep climbing in southern oregon. The first: is not enough homes. The second: recent studies that put our area in the top twenty for greatest places to live. The third: interest rates continue to stay low.
The trend is valley wide. even places like Rogue River and Shady Cove saw a 62% increase in prices from last year. Realtor Alice Lema says that's creating a strong sellers market, but hurting first-time buyers. Competition is so fierce, she says construction is on an uptick, because supply is so low.
Of note, September's numbers mark the unofficial, 5 year anniversary of the housing market crash.