Medford, Ore. – Wildfires are now having an impact on the housing market in Southern Oregon.
In Josephine County, the number of homes sold decreased by 11.5%, according to the Rogue Valley Association of Realtors.
Pending sales for July in Josephine County were down by 7.6% from last year.
Susan ToKarz-Krauss, President of the Rogue Valley Association of Realtors said insurance companies issued a moratorium on new insurance binders due to the high risk of fires in the area.
“We have buyers who are relying on a loan the lenders require that you have fire insurance, buyers insurance, and lenders insurance in place and if those aren’t in place then that’s going to halt the sales process,” ToKarz-Krauss said.
In Jackson County, the number of home sold actually increased 8.9%.
Experts say the wildfires and smoke are having a negative impact on the market in Southern Oregon.
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