This morning, the national average for a 30-year fixed-rate conventional mortgage is 6.38%, down several basis points from last week. Activity this week is in line with recent averages and showing demand commensurate with the season. Spring is early this year, with warm, dry weather in the forecast, which should help kick-start seasonal buyer demand. Inventory is growing, albeit at a slower pace than expected.
This morning, in Deschutes County, the supply of single-family homes increased by 39 from last week, to 1,066. Seventy-seven sales are pending, up by 12 from last week. Twenty-five of the pending sales reduced the asking price before securing a buyer by an average of -3.07%. Sixty-five transactions closed this week, down by 12 from last week. Twenty-four of the closed sales reduced the asking price by an average of -5.36%, with the sold-to-original-list-price ratio at 96.32%. As we get closer to peak season, average price reductions are decreasing, and sold-to-list price ratios are increasing.
Deschutes County inventory in 2025 peaked on July 16 at 1,582. With at least another 500 listings expected by the seasonal peak, Deschutes County housing is just getting warmed up.
Crook County inventory increased by eight to 201 single-family listings, the first time supply has exceeded 200 since November. Twelve sales are pending, up one from last week, with half of those transactions reducing the asking price before securing a buyer by 4.34%. Seven transactions closed this week, down by one from last week. Four of the closed sales reduced the asking price by an aggressive average of 14.84%, with the sold-to-original-list-price ratio at 91.46%. More inventory in Crook County means more competition, and some sellers are making price adjustments to entice buyers.
Crook County's inventory peaked at 256 on July 30, 2025. With supply closely tracking last year, there is every reason to expect more listings over the next few months.
Inventory buildup in Jefferson County remains subdued, with only 2 more listings this week, bringing the total to 122. Six pending sales are four fewer than last week, with four reducing the asking price before securing a buyer by an average of 3.06%. Six transactions closed this week, with half reducing the asking price by an average of 12.97% before securing a buyer. The sold-to-original-list-price ratio was 93.87%. With an average number of days on the market for the sold homes at 164, sellers worked with the buyers at hand to secure a successful sale.
In 2025, Jefferson County's inventory peaked at 144 on August 20. While it is certain that more supply will hit the market, I do not expect a significant change from last year. For buyers in Jefferson County, waiting might not make sense.
Despite a lot of concerning news, activity in the Central Oregon housing market remains stable. The closer mortgage rates get to 6%, the more leverage buyers have, with more sellers feeling comfortable listing. While some are very concerned about world news, many others are focused on the task at hand and recognize that nothing significant has changed in our market. For sellers, patience is key, as some properties take longer to sell. Buyers will also benefit from patience as the likelihood of rates coming down slightly is high, right when inventory is building. There is tremendous value in the data, with each scenario benefiting from different metrics. Please reach out anytime you need a comprehensive market analysis.
Sign Up for the Central Oregon Market Report
Sign Up for the Central Oregon Luxury Market Report
