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By Linsay Cathey, reporting for the Grants Pass Daily Courier: Inventory remains low at slightly more than a five-month supply of 504 homes on the market in Josephine County, said Penny Mueller, president of the Grants Pass Association of Realtors. A year ago, there were 616 homes. In April 2010, there were more than 1,000 homes on the market in the county.
The limited inventory, Mueller said, pushes prices up. "When there are fewer houses to choose from, the tendency is toward higher prices," Mueller said. The median price of monthly home sales during the first quarter of 2013, when 217 homes sold, has remained between $179,900 and $182,000, compared to the median for the first quarter in 2012, when 242 homes were sold, was $149,966.
There are more buyers than there are sellers, which contributes to
rising prices, Mueller said.
"We can find (buyers) a house," she said, "but it's going to cost more than what was anticipated six months ago."
National Association of Realtors Chief Economist, Lawrence Yun, said the number of sales and prices nationally have been above year-ago levels for 20 consecutive months, signaling a healthy recovery.