Mortgage interest rates might still be relatively high, but the trend since the end of 2024 has been slightly down, with rates this morning for a 30-year fixed-rate conventional loan at 6.81%. On July 8, 2024, the 30-year rate was 6.94%. While a thirteen-basis-point change may seem small, the trend is undeniably downward. Inventory levels this year are up considerably, while sales volume has increased only slightly. The changes in the housing market may be small, but have unquestionably moved in favor of buyers.
This morning, inventory in Deschutes County is up thirty-two from last week to 1,575 single-family homes. On this day last year, there were 1,257 listings. YTD sales in 2024 were 1,658 compared to 1,665 so far this year. Last week, there were 67 pending sales at an average list price of $810,837, with 47 closed transactions averaging $835,468. The weekly numbers are very close to this week in 2024.
Crook County inventory is up eight to 244 single-family listings. On this week last year there were 160 single-family homes listed. While inventory is up significantly, there have been 194 sales in Crook County YTD compared to 209 on this day in 2024. Four pending sales this week, at an average list price of $612,475, and eight closed transactions, averaging $618,787, are slightly better than this week last year.
Smaller Jefferson County has seen less inventory growth than the rest of Central Oregon, with 120 single-family listings this morning, up one from last week. On this week last year there were 111 listings. Sales in Jefferson County are strong year-to-date, at 135, compared to 118 as of the same period in 2024. There were three pending sales, averaging $506,650, and three closed transactions, averaging $320,616, last week.
With slightly softer mortgage rates and more inventory than we have had in years, now is an excellent time for buyers to engage in the market. The opportunity to negotiate a lower price hasn't been this favorable in some time. In many cases, prices are down enough to help offset the increased borrowing costs associated with higher mortgage rates. However, the median sale price comparisons have not decreased, and they still show overall growth, albeit slight. The potential bargains in our market are on a case-by-case basis, and not a sweeping trend. Home sellers need to be cautious about over-pricing for the market, especially as we head into the later months of the selling season.
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