Since March, the 30-year average for a fixed-rate conventional mortgage has moved within a range of less than 10 basis points, marking a period of stability that has brought some calm to the market. Rates peaked on October 19, 2023, when the conventional average nationwide was 8.03%. In the most recent run-up, on February 27, 2026, rates started at 5.99%. Since then, rates have peaked three times: 6.64% on March 27, 2026, 6.75% on May 19, 2026, and 6.85% on July 23. Today, the national average is 6.72%. While rates in this most recent cycle may be higher than many would like, the consistency makes planning for buyers easier and has brought remarkably consistent week-to-week activity. 2026 will not be a huge year for sales, but we are on pace to exceed 2025 sales, which exceeded 2024 sales, which exceeded 2023 sales. Slow, steady, reasonable sales growth indicates a healthy market. Average sale prices have remained stable, bringing predictability to Central Oregon housing that was missing for several years before the recent rate increases.
Supply of single-family homes listed in Deschutes County today sits at 1,430, down by 9 from last week. Pending sales are down 1 to 80 from last week, and 44 of those listings reduced the asking price by an average of 8.25% before securing a contract. While more than 50% of pending sales reduced the asking price, which might suggest a falling market, sales prices remain consistent with the last few years. Sixty closed transactions this week are one fewer than last week, with 22 listings reducing the list price an average of 5.83% before securing a buyer. The sold-to-original-list-price ratio was a strong 96.29% this week.
Crook County inventory of single-family homes increased by 3 to 264 this week, consistent with the seasonal trend before a steady decline through spring. Twelve pending sales are four times last week's total, and the most since mid-July. Nine of those listings reduced the asking price by an average of 9.49% before securing a contract. Closed transactions match last week’s total of 8, with 6 of those listings reducing the asking price by an average of 5.56% before securing a buyer. The sold-to-original-list-price ratio was 94.96%, the highest ratio since mid-July.
After a bump in available inventory last week, Jefferson County supply decreased by 4 this week to 149, the lowest since late May. Five pending sales match last week’s number, with two of those listings reducing the asking price by an average of 7.79% before securing a contract. Six closed transactions also match last week’s volume, with 4 of those listings reducing the asking price by an average of 8.21% before securing a buyer. The sold-to-original-list-price ratio was 93.34%, down from recent weeks.
With longer marketing times, buyers have time to become very educated on pricing. At this stage of the selling season, enough sales have occurred to establish a price baseline. The sold-to-original-sales-price ratios and price reductions might make it seem like prices are falling, but in reality, sellers are just coming down to the market, which is consistent with sales averages over the last few years. As sellers reduce prices and inventory remains flat or begins decreasing, buyers are moving on properties priced correctly. This consistent seasonal trend will continue into October.
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