While I do not expect the Fed to lower the overnight rate in today's meeting, mortgage rates have been trending down over the last few weeks, with the national average for a 30-year fixed-rate mortgage at 6.77% this morning. I doubt the slight downtick in rates is much of a factor in another robust week of activity in Central Oregon, and attribute it mainly to the seasonal push towards fall. With inventory higher than at any time over the last several years, buyers have selection, and sellers have competition. Activity is steady throughout Central Oregon, but the dynamics are not equal across all price points or between the three counties of our region. Deschutes County is experiencing a shrinking pool of homes for sale, while Crook and Jefferson counties are still seeing growth. And the activity in the Luxury Markets is picking up, as you can read about in my Friday Luxury Market Report.
Deschutes County inventory declined for the second consecutive week, a strong indication that we are past the peak for listings in 2025. This morning, there are 1,544 homes for sale in the county, nineteen fewer than last week. Eighty-seven pending sales match the biggest week of 2025, and the most since October 2, 2024. Sixty-seven homes closed this week at an average of $915,803, with the average price reduction 5.54%.
Crook County inventory increased this week to 256 single-family listings, up nine from last week. The different regions of Central Oregon all have their nuance, and the differences between inventory trends between Crook County and the rest of the region illustrate that clearly. Six pending sales match last week at an average of $481,467, and seven closed transactions averaging $688,296 round out this week's data. The average price reduction for the closed transactions was 7.98%.
Jefferson County also had an increase in inventory this week, up by eleven to 131 single-family listings. This increase is a healthy inventory level for the county, and a sharp contrast with the sixty-six listings available this week in 2022. Five pending sales averaging $439,540 and seven closed transactions averaging $474,747 are substantial numbers consistent with recent weeks. The average price reduction for the closed sales this week was 11%, proof that buyers are in a reasonably strong position heading into fall.
The data in this report is an excellent way to track overall trends, but it glosses over individual neighborhoods, different price points, and doesn't account for unique properties. Reading my Friday Luxury Market Report helps to shed some light on the various segments of our housing market, with data for Deschutes County between $1 million $2 million, $2 million $3 million, and over $3 million. In this Friday's report, I will contrast sales activity and price trends above and below the 1 million dollar mark to better illustrate how the market is trending. Ultimately, a buyer's situation and needs are more important than price trends. Still, sellers' willingness to negotiate, competition, and moderately lower mortgage rates are combining to create real relief for stretched buyers.
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