This morning's big news in real estate is that mortgage interest rates declined to 6.61% for the national average of 30-year fixed-rate loans. While that might not seem all that low, it is much better than the 7.22% rate just several days ago. For buyers that are fighting an affordability battle, every little bit helps!
In other news, sales of single-family homes in Deschutes County remained steady, with fifty-three pending sales last week and sixty-one sold single-family dwellings. Since a decline in September, the price of sold houses has also remained consistent, with the previous week's median sale price at 620k. Of course, median sale price bounces around based on the specific properties sold, but until September, when mortgage rates spiked, the median price of sold properties was trending in the low 700s.
Price reductions still comprise more than 50% of active and sold properties, a trend that should continue into the remaining days of 2022. Inventory declined, as expected, to 801 single-family homes in Deschutes County, with 450 of those listings reducing the price since becoming active. The median price reduction of the actively listed homes stands at -6.42%, although the number may vary depending on the particular property.
I primarily rely on Deschutes County single-family listings and sales to follow the trends since that is the most extensive data set in Central Oregon. However, Crook and Jefferson Counties are bucking Deschutes County trends with a slight increase in actively listed properties. Jefferson County added seven listings this week (83 to 90), and Crook County added three, bringing the total this morning to 144. Prices in these counties have also moderated more than in Deschutes County, with the median sold-to-original list price in Crook County at 89.86% for seven sold houses. There was only one sale in Jefferson County last week, with the sold-to-original price showing a steep decline of 71.34%. For reference, the sold-to-original list price in Deschutes County was 93.65%.
It is hard to believe there are less than 30 business days between now and the end of the year. Any contracts from this point forward will most likely be closing in 2023, and just like that, we are wrapping up 2022! As many listed properties expire before year-end, some sellers withdraw their homes from the market until after the holiday season. Although, with many motivated sellers and a slight reprieve in mortgage interest rates, the next several weeks favor buyers the most in 2022. When the available homes are in short supply, prices tend to firm up, making the next few weeks an excellent opportunity for buyers. Watching how many homes hit the market in spring 2023 will be a strong indicator of home prices for the coming year.
Now is a great time to utilize the Market Trend Reports on my website and the other available tools. Remember, market Trend Reports only show the active inventory of single-family homes and condos, with either category selectable by you. In addition, these reports do not include new construction, giving you focused insight into where the market is moving. If analytics are not for you, don't hesitate to contact me for a more user-friendly analysis of homes and neighborhoods pertinent to your needs.