Anyone who has been wishing for lower mortgage interest rates will be happy to learn that the 30-year fixed-rate conventional average this morning is 6.58%, the lowest point since a brief dip last September. The decrease in interest rates coincides with a busy season for home sales, and unsurprisingly, activity is robust. With many sellers anxious to move properties before the winter, this is proving to be the best buying conditions in several years.
Supply continues the seasonal decline in Deschutes County, with 1,522 single-family homes listed, a decrease of twenty-two from last week. It was another strong week of pending sales at 87, with fifty-one of those properties reducing the list price by an average of 7.13% before securing a contract. Seventy closed transactions are the most in more than five weeks, with exactly half of those sales negotiated below the list price by an average of 6.23%. The average price per square foot for the sold homes this week was $399.
Crook County inventory finally decreased this week after steadily increasing each week since February. This morning's inventory shows 248 listings, down by eight from last week. Pending sales were robust at fourteen, with nine of those properties decreasing the list price by an average of 6.08% before finding a buyer. Six transactions closed, with three negotiating a price below the listing price by an average of 5.49%. The average price per square foot of the closed transactions was $335.
Jefferson County's inventory is stable and still increasing slightly, up by two from last week. Pending sales remain steady, with five this week, and only one price change of -2.28% before securing a buyer. Sales match last week at seven, with four negotiating a price below the listing price. The sold-to-original list price ratio this week was 89.83%, and the average price per square foot was $312.
There will be great buying opportunities through the end of the year and into spring 2026, but the available inventory today gives buyers a selection not seen in several years. If mortgage rates continue to decline, more buyers will step up, and the chances of building inventory to today's levels decrease. There are always homes for sale and opportunities, but it is a relief for buyers to have options. Not that many years ago, during the pandemic peak, at any given price point, buyers were lucky to have a handful of options. Tight supply applied upward pressure on prices, and many homes sold for more than they would have otherwise. It is correct that prices are softening, but that is directly related to competition from other homes. The housing market in Central Oregon is still strong, but is favoring buyers more than in several years.
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