Activity in the Central Oregon housing market remains steady this week, despite a surge in mortgage interest rates of 16 basis points since last week. That national average for a 30-year fixed-rate conventional mortgage today is 6.91%. On this day in 2025, rates were 6.53%, and the consensus at the time was that rates in 2026 would be lower. Still, transaction volume is slightly up from 2025, as is the average sale price. After several weeks of fluctuating inventory, Deschutes and Crook County supplies are down this week, while Jefferson County supply is up by one. With rain in the forecast over the next few days, the weather and the real estate market are beginning to feel like fall.
Deschutes County inventory fell by 6 this week to 1,446, with 853 active listings reducing their asking prices by an average of 6.44%. Seventy-one pending sales match last week's total, with 42 (43 last week) of those listings reducing the asking price by an average of 5.83%. Eighty-eight closed transactions are up 22 from last week, with 45 of those listings reducing the asking price an average of 5.7% before securing a buyer. The sold-to-original-list-price ratio was 95.4%, and the average sold price per square foot was $392.
Crook County inventory fell by 11 this week to 257, with 145 active listings reducing their asking prices by an average of 7.04%. Ten pending sales this week are up 3 from last week, with 6 of those listings reducing their asking prices by an average of 5.94% before securing a contract. Four closed transactions match last week’s total, and all of those listings reduced their asking price by an average of 3.786% before securing a contract. The sold-to-original-list-price ratio was 94.31%, and the average sold price per square foot was $312.
Jefferson County supply is up 1 from last week to 155, with 78 of those listings decreasing the asking price by an average of 6.04%. Pending transactions are up 1 from last week to 4, with 2 of those listings reducing the asking price by an average of 9.15% before securing a contract. Five closed transactions are down by 2 from last week, with 1 of those transactions reducing the asking price an aggressive 18.33% before securing a buyer. The sold-to-original-list-price ratio was 92.19%, and the average sold price per square foot was $262.
Rising mortgage interest rates are putting pressure on buyers at a time when the overall market was beginning to move slightly in buyers' favor. The data shows sellers are doing what they can to draw in buyers and secure sales before year-end, and I expect that trend to continue. Whether mortgage interest rates remain elevated is anyone’s guess, but some relief from rising rates could create a surge in activity with plenty of time left in the season. I encourage buyers to stay in contact with their lender, or reach out if you need a referral. Locking in if rates dip might be a wise decision if buying this fall is part of your plan.
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