Housing supply in Central Oregon is beginning to fluctuate as we approach the point in the season when inventory begins a steady decline toward winter. Activity remains steady, and we are in the midst of one of the busiest times of the season. However, the national average for a 30-year fixed-rate mortgage today is at 6.75%, the highest since July 2025. The borrowing cost pressure on buyers is bound to have an impact as we navigate the busy time between now and Labor Day. After the September holiday, activity remains high well into October, and potentially even through the first half of November, depending on weather. Still, year-to-date activity is slightly ahead of 2025, continuing the steady increase in sales since activity dropped in 2023 when mortgage interest rates began rising.
Today in Deschutes County, there are 1,460 listings, down by 6 from last week. The average list price is $1,096,897, and 799 of those listings have decreased their asking price by an average of 5.78%. Seventy-one sales are pending, down by 13 from last week, with 33 of those listings reducing the asking price an average of 6.05% before securing a contract. Seventy-eight transactions closed this week, up by ten from last week, with 37 of those listings reducing the asking price by an average of 6.33% before securing a buyer. The sold-to-original-list-price ratio this week was 95.5%.
Crook County supply increased this week by 6 to 265 single-family homes listed. The average list price is $1,092,134, with 147 of those listings reducing the asking price by an average of 6.71%. Five sales are pending, down by 7 from last week, with 4 reducing the asking price by an average of 7.78% before securing a contract. Seven transactions closed this week, up by 4 from last week, with 5 reducing the asking price by a significant 16.17% before securing a buyer. The sold-to-original-list-price ratio was 83.68% for the week, considerably lower than the typical weekly closed price ratio.
Jefferson County inventory decreased by 7 this week to 151, with 80 of those listings reducing the asking price by an average of 5.45%. The average list price of the active inventory is $604,700. Nine sales are pending, up by 5 from last week, with 4 of those listings decreasing the asking price an average of 1.9%. Thirteen transactions closed this week, up by 8 from last week, with 5 reducing the asking price by an average of 5.72% before securing a buyer. The sold-to-original-list-price ratio was 97.53% this week.
Sales prices since the peak in 2022 have remained stable and are very close to last year's numbers. It would be easy to assume that the price reductions before finding buyers, combined with a less-than-100 % final sale price, mean prices are falling, which is not the case. Increased competition in some price segments forces sellers to be realistic about today’s market price, but most of the reductions seen are simply bringing prices in line with the level seen over the last few years. It isn’t uncommon for sellers to try and test the market, then adjust down based on feedback and sales activity. Considering the higher borrowing costs buyers are facing, sellers, by comparison, are doing well, and the overall market is stable.
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