On this last day of July 2026, the economic data is mixed, while housing activity in Central Oregon is stable. In the most recent Federal Reserve Open Market Committee meeting, 9 of the 3 Fed Officers voted to keep rates where they have been since January. However, after 5 years of inflation holding above the Fed’s 2% target, the 3 dissenting votes in the Fed meeting wanted a 25 basis point increase to help tamp down inflation.
30-year Jumbo mortgage rates were at 6.10% in October 2025 and are at 6.91% today, reflecting higher bond yields amid increasing inflation pressure.
With 2nd Quarter 2026 GDP at 1.5%, and the most recent CPI report showing inflation at 3.5%, it is difficult to see any of this as overwhelmingly positive. Still, sales in the luxury market are outpacing last year, with Deschutes County sales over $1 million at 488 (468 in 2025 YTD) and the average sale at $1,615,570, up $7,126 from 2025. In Crook County, 2026 YTD sales are at 29 (22 in 2025 YTD) and average $1552,905, down $20,854 from 2025. While prices remain flat, transactions have steadily increased since the low in 2023.
Supply today in Deschutes County between $1 million and $1,999,999 is down by 6 from last week to 367. Nineteen pending sales are up 9 from last week; 12 of those listings reduced the asking price by an average of 8.3% before securing a buyer. Sixty-three percent of the pending sales reducing the asking price is notable. Fifteen closed transactions this week are down by 6 from last week, with six of those listings reducing the asking price by an average of 8.29%, and a sold-to-original-list-price ratio of 93.86%.
Deschutes County listings between $2 million and $2,999,999 are at 82 today, down by 7 from last week. Pending sales are identical to last week at 5, with all five of those listings reducing the asking price by an average of 4.09%. Six closed transactions are double last week, with three of those listings reducing the asking price by an average of 4.04%, and the sold-to-original-list-price ratio for all sales at 95.54%.
Listings over $3 million in Deschutes County are stable this week at 43, with no pending sales. Four transactions closed this week, with one of those listings reducing the asking price by 1.88% before securing a buyer. The sold-to-original-list price ratio was 97.17%.
Crook County listings over $1 million are also stable this week at 73. Two sales are pending at $1,575,000 and $2,895,000, both in Brasada Ranch—the listing under contract at $1,575,000 originally listed at $1,850,000. No transactions closed this week.
Deschutes County farm listings over 41 million are stable at 14 and have had six consecutive weeks with no pending or closed transactions. Crook County farm listings over 41 million are up by one to 20, with no pending or closed transactions. In Crook County, there are a handful of large acreage listings broken into multiple listings, making it appear there are more individual properties listed than is actually the case. Breaking up some of these properties that have more than one tax lot is a solid strategy, but there remains very little activity in the Central Oregon farm segment.
The data this week shows flat to decreasing inventory in all segments except Crook County farm listings. This could very well mean the peak supply for the luxury market was in the last couple of weeks. The biggest price drops and seller negotiations are happening in the lower price tiers, with the higher end of the market able to secure prices closer to the listing price. Now is the time of year that buyers start acting in earnest on properties in the luxury market since the supply of enticing new listings is tightening up. If there is anything I can help you with in the Central Oregon market, please let me know!
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Reed Melton serves Bend and surrounding areas
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