Local housing prices keep climbing

, Posted: Tue, November 5 2013 at 1:04 PM, Updated: Tue, November 5 2013 at 1:08 PM

Local housing prices keep climbing

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.

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