Stoked by in-migration and cash investors, Rogue Valley home sales picked up in May, as the market appears poised to emerge from a year-long malaise.
Southern Oregon Multiple Listing Service reported the countywide median sales price of $200,000 between March 1 and May 31 was surpassed by the May figure of $212,700, pointing to a stronger summer selling season. The three-month figure rose 8.1 percent from $185,000 a year earlier.
Homes also sold faster with an average of 46 days on the market, compared to 61 last year.
A relatively small inventory and slower in-migration led to declining year-over-year figures through March. In April, single-family sales exceeded the 2013 figure, 196-191. But last month's 241 sales were 6.6 percent above the corresponding 2013 figure of 226.
For the three months ending May 31, sales were flat with 523 units exchanging hands compared to 527 for the same period in 2013.
The median price for a rural home in Jackson County fell 7.7 percent to $284,000. A total of 114 rural homes sold during the rolling quarter, with an average of 94 days on market.
— Greg Stiles