The spring build-up of listings has begun, and it coincides with mortgage rates steadily declining. The national average for a 30-year fixed-rate conventional mortgage this morning is 6.11%, down 112 basis points from one year ago. Increasing inventory levels are good news for the housing market, but supply is still short of what would have been considered normal before 2020. However, each year since 2023, when levels dropped significantly, coinciding with mortgage rate increases, has been an improvement. With mortgage interest rates closing in on 6%, activity this year will outpace 2025.
The inventory of single-family homes in Deschutes County this morning sits at 778, up 20 year-to-date. Last year, this week marked the beginning of the supply build-up, and this week, levels are up by 14 from last week. However, on January 14 this year, levels were at 779, so the upward trajectory is unlikely to be a straight line. Nevertheless, from a housing perspective, spring has arrived. Fifty-nine sales are pending this week, averaging $795,596, and 29 of those listings decreased their asking prices by an average of 5.73% before securing a buyer. Thirty-two transactions closed this week, averaging $796,177, with 21 of those properties decreasing their asking price by 6.83% before a buyer stepped up. The sold-to-original-list-price ratio was 93.62%.
In Crook County, supply decreased by five this week to 147. In 2025, levels began the spring build-up on March 5, and levels today are up by 1 year-to-date. Nine sales are pending this week, averaging $720,444, with five decreasing the list price by an average of 13.89% before securing a contract. Three transactions closed this week, averaging $724,665, with all three reducing the price before securing a buyer, an average of 14.19%. The sold-to-original-list-price ratio was 78.25%.
Jefferson County supply also began the spring build-up this week in 2025, and is at 111 this morning, up four from last week. Year-to-date supply is up by 14. Five sales are pending this week, averaging $425,760, with three reducing the asking price by an average of 2.36% before securing a buyer. Two transactions closed this week in Culver at $415,000 and $870,000, with one reducing the asking price 4.14% before securing a contract. The sold-to-original-list-price ratio was 93.46%.
Market conditions are balanced and healthier than in recent years, with a steady build-up towards more typical inventory levels. There is a lot of nuance in the market today, with some segments more difficult to evaluate. No matter your goal this summer, a detailed market analysis tailored to your needs is a necessary step in determining your market position. I encourage both buyers and sellers to review market data before beginning a search or deciding on list prices. Of course, I am happy to provide this information, so do not hesitate to reach out!
Want a tailored market analysis for your neighborhood or price range? Request a custom report or schedule a consult: reed@enjoybendlife.com
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