Shortage of homes for sale

John L. Scott Real Estate for sale sign ( KTVL / Ashley Carrasco )

MEDFORD - News10 has previously reported how Jackson County is facing a shortage in rental-- Now it looks like homes for sale are not too far behind.

Real estate broker Robin Simpson says most houses are selling in 49 days, down from 74 days.

"Usually it can take 3 to 6 months," Simpson says.

Also, there are more houses being sold versus houses being put on the market. Data through John L. Scott Real Estate shows homes in escrow are up by 52% but fewer new listings are coming on the market to replace them, which contributes to the continuing shortage of inventory.

Some of the biggest reason people are choosing to buy rather than renting include, "Rental prices are about equal or more than mortgages, interest rate is down, and the economy is recovering," said Simpson.

This has created a shortage of homes for sale and prices have spiked by more than 9%. Real estate brokers said many homeowners wait until the spring to put their house on the market because it is ideal weather. Simpson says that can hurt them in the long run because, "right now there is no competition and the more serious buyers are shopping for homes."

Home listings are down 18% from last year. Simpson said home owners are missing out on the seller's market and it is hurting the buyer. Even though houses cost more right now, the interest rate is low. That number is expected to go up in January, which will give potential buyers less power and options.

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