Mortgage interest rates are at recent lows at 6.8% this morning, providing some relief for buyers. Whether rates continue to improve remains to be seen, but today's conditions are a noticeable improvement from the last few months.
The most significant change in market conditions is the recent inventory spike in Deschutes County. This morning, 814 single-family homes are listed, an increase of 45 since last week and nearly matching the 56 pending sales. Forty-nine homes sold this week at a median of $635,000 and an average of $708,830. The pending sales took a median of thirty-eight days to secure a contract, with the closed properties at fifty-four days.
Crook County's inventory remains tight, with 143 single-family homes listed this morning. The available homes have been stuck in the 140s since the beginning of the year. Nine pending sales this week at only eighteen median days listed indicate strong buyer demand. Three properties closed at a median of $361,900, an average of $319,266, and 54 days listed before securing a contract.
Inventory in Jefferson County has remained in the 90s since early December. This morning, there are 98 single-family homes listed, the same as last week. Four pending sales this week have a median listing time of 48 days, with six closed transactions taking a median of 73 days to secure a contract. The median sale price is $361,998, and the average is $414,899.
The increase in homes for sale in Deschutes County has outpaced the last few years, creating significant competition in many market segments. While mortgage rates might improve, there aren't top-tier data-driving rates today. As more economic data comes in, it will be interesting to see if rates improve, flatline, or increase. There is little doubt that inflation, the pace of bond purchasing, and other factors could quickly change the direction of mortgage rates. Talk with your lender to determine if a rate lock makes sense for buyers engaged in the market today. However, with so many homes hitting the market right now, I encourage buyers to make sure any property they consider will meet their needs and to pay particular attention to price. Sitting back and watching things develop as spring inventory builds might make sense.
