This morning, the number of single-family listings in Deschutes County is 1,452, a decrease of thirty from last week, and averaging $1,157,881. Pending sales are down slightly from the high volume of the previous few weeks, at seventy-eight, averaging $844,644. Sixty-eight closed transactions averaged $920,079. The average price reduction for the closed transactions was 7.6%, the most significant average price reduction since February.
Crook County's inventory of single-family homes decreased by five to 239, with an average $965,744. Seven pending sales are a slight decrease from recent weeks, averaging $850,986. Four transactions closed this week, averaging $1,115,981, with two price reductions. The actual price reduction numbers were a list price of $429,000 and a closed price of $425,000, but the original list price was $445,000. The second price reduction was initially listed for $2,100,000 and closed at $2,000,000.
Inventory in Jefferson County decreased by one home, now at 143, with an average price of $607,684. Four pending sales, averaging $499,450, are down slightly from recent weeks. Two transactions were closed this week, with one selling above the asking price and one below. The first property was initially listed for $407,500, dropped the price to $399,900, and closed at $406,000. The second initially listed at $329,000 and closed at $304,000.
Whether the narrative from the Federal Reserve's last meeting, suggesting a potential rate decrease in September, holds is anyone's guess. But the 30-year fixed-rate national average for a conventional mortgage this morning sits at 6.52%, the lowest since late 2024. While buying conditions are favorable, I anticipate a slowdown over the holiday weekend before activity picks up for the final busy period leading up to Thanksgiving.
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