My Weekly Central Oregon Real Estate Blog

Mortgage rates inched higher today, with the national average for a 30-year fixed-rate Jumbo loan at 6.90%. All but one segment of the Luxury market saw modest inventory declines, and activity was steady but somewhat underwhelming. However, activity was notable at higher price points, showing that buyers are still looking and acting when the right property comes along. This week I saw a sensationalized video talking about the high volume of price reductions in Bend, which have been hovering around 50%. While I report on the number of price reductions weekly, I have purposely avoided using the percentage of price decreases because I feel that number doesn’t tell the whole story. Sure, a lot of sellers are dropping their asking prices to attract buyers. But the sales volume, and average and median sale prices are stable, if not up ever-so-slightly. While this trend could eventually play out with falling prices, that is not what is happening today. And in the Central Oregon Luxury market, high-priced sales are steady and continuing. I always take the sensationalized click-bait reporting with a grain of salt. A thorough, personalized market analysis will reveal actual conditions without resorting to hyperbole.

Deschutes County listings between $1 million and $1,999,999 are up by 2 from last week to 372. Two hundred thirteen active listings have reduced their asking price by an average of 7.84%. Pending sales are up by 3 this week to 16, with 9 of those listings reducing the asking price by an average of 5.62% before securing a contract. Sixteen transactions closed this week, double last week's total, with 6 of those listings reducing the asking price by an average of 12.18% before securing a buyer. The sold-to-original-list-price ratio was 93.29%.

Listings in Deschutes County between $2 million and $2,999,999 are down by 4 from last week to 73. Thirty of the active listings have reduced their list prices by an average of 8.37%. No sales are pending this week. Three transactions closed this week, with all three reducing their asking price by an average of 11.31% before securing a buyer. The sold-to-original-list-price ratio was 81.25%. One sale on Pacific Heights Road off O.B. Riley Road closed at $2.4M, originally listed for $2,597,000; a Sunriver sale on Sparks Lane closed at $2,525,000, initially listed at $2,950,000; and a Tetherow listing on Hosmer Lake Drive closed at $2.6M, initially listed at $3,850,000.

The supply of Deschutes County homes listed over $3 million decreased by 2 to 38. Eighteen of the active listings reduced the asking price by an average of 11.1%. Two pending sales occurred: one in the sought-after North Rim community on Wild Rye at $3,150,000, and the other on Hosmer Lake Drive in Tetherow, also listed at $3,150,000. No transactions closed this week over $3 million.

Crook County inventory over $1 million is flat at 70 this week. Forty of the active listings reduced their asking price by an average of 6.89%. Two sales are pending; one at $1,685,000 in Brasada Ranch, originally listed at $1,849,000; and another on Powell Butte Highway for $15M. The Powell Butte listing is on 435 acres, with 344 acres of water rights, nearly 10,000 square feet of living space, was originally listed at $33,000,000, and has been on the market for 2,582 days. Two Brasada Ranch homes closed this week; the first on Seven Peaks Loop at $1,500,000, initially listed at $1,850,000; and the second on Vaqueros Way at $2,800,000, originally listed at $2,895,000.

Deschutes County farm listings over $1 million are steady at 12, with 6 of those listings reducing the asking price by an average of 13.68%. No transactions went pending or closed this week.

Crook County farm listings over $1 million decreased by 1 to 16, with 11 of those listings reducing the asking price by an average of 4.78%. The pending farm sale was the $15M Powell Butte listing mentioned in the Crook County sales above, which was listed in our MLS under both the residential and farm categories. No transactions closed this week.

Whether you are buying or selling, each property needs its own analysis to determine an asking or offering price. While a high percentage of price reductions in the active market can feel alarming, sales volume and average/median closed prices are a far better metric for determining where the market is today. The broader market is nearly balanced, if not slightly favoring sellers. But the relatively low number of luxury homes in Central Oregon has benefited sellers and kept prices stable. Given the run-up to the 2022 peak, it is a testament to our region's desirability that prices have held at that level, especially considering significantly higher borrowing costs.

 

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On February 27, 2026, the national average for a 30-year fixed-rate conventional mortgage was 5.99%, compared with 6.75% today. The peak over the last several weeks was July 23, 2026, at 6.85%. The range of movement since late July has been narrow, but the trend is up, not down. From today’s vantage point, there is no indication rates will decrease anytime soon.

Typically in the Central Oregon housing market, inventory peaks sometime between late July and mid-August, then declines steadily week to week towards winter. While the peaks in 2026 were just short of 2025 levels, this year has had a few false peaks, with inventory up this week and pending sales down. Activity remains reasonably stable, but the weekly variation shows a more balanced market than in several years, with a very small bias towards sellers. However, Deschutes, Crook, and Jefferson Counties all have increased year-to-date sales, and higher average sale prices than in 2025.

Inventory in Deschutes County is up by 22 this week, now at 1,452. This supply level is only 14 fewer than the high point reached in mid-July. Seventy-one pending sales are down 9 from last week, with 43 of those listings reducing the asking price by an average of 5.78% before securing a contract. There were 66 closed transactions this week, down by 5 from last week, with half of those listings reducing the asking price by an average of 6.14% before securing a buyer. The sold-to-original-list-price ratio was 95.19%.

Crook County’s inventory is up 4 this week to 268, matching the 2026 high reached in late July. Seven transactions are pending this week, with 4 of those listings reducing the asking price by an average of 9.21% before securing a contract. Four closed transactions this week are half of last week’s total, with 2 of those listings reducing the asking price by an average of 11.08% before securing a buyer, and a sold-to-original-list-price ratio of 95.12%.

In Jefferson County, supply is up by 5 from last week to 154, just 4 fewer than the 2026 peak reached in mid-July. Three pending sales this week are 2 fewer than last week, and all 3 listings reduced the asking price by an average of 9% before securing a contract. Seven transactions closed this week, up 1 from last week, and 2 reduced the asking price by an average of 3.29% before securing a buyer. The sold-to-original-list-price ratio was 98.46%.

The market is more nuanced this fall than any of the last several years. With such extreme diversity between locations and homes in Central Oregon, exact year-over-year comparisons are always tricky. But with several months of data to draw from, many of those nuances smooth out. Despite the weekly variation, 2026 continues to outpace last year in volume and average sale prices, albeit by a small margin. Because our market is seasonal due to inclement winter weather, fall is always a great opportunity for buyers. That doesn’t mean sellers aren’t maintaining gains reached in 2022, but shooting for the moon with high listing prices is a surefire way to extend marketing time and discourage buyers as we approach fall.

 

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Some atypical trends are emerging in segments of the Central Oregon Luxury market this week, mainly an increase in inventory between $1 million and $1,999,999. While this may be a short-term anomaly, and activity is down, I'll keep an eye on it. Mortgage rates are up a couple of basis points today, with the national average for a 30-year Jumbo loan at 6.88%. However, supply is still down across the board relative to 2025, and a small increase at this time of year isn't unheard of. Activity in other segments of the luxury market is steady, showing that activity isn't always the same across all price points.

Today, Deschutes County homes listed between $1 million and $1,999,999 are up five from last week to 370. In comparison, 403 listings were available this week in 2025. Pending sales are down by 3 to 13, with 7 of those listings reducing the asking price by an average of 13.51%. Eight closed transactions this week are down by 6 from last week, with three of those listings reducing the asking price an average of 8.38% before securing a buyer. The sold-to-original-list-price ratio this week was 94.55%. Based purely on the data, it looks like a good week for buyers.

Deschutes County homes listed between $2 million and $2,999,999 followed a typical seasonal trend, with 77 active listings, down 7 from last week. This week in 2025, there were 101 active listings. Four pending sales this week are up 3 from last week, and 2 of those listings reduced the asking price by an average of 12.85% before securing a contract. Four transactions closed this week, double last week's number, with 2 of those listings reducing the asking price by an average of 3.1% before securing a buyer. The sold-to-original-list-price ratio was 96.54%.

Single-family homes listed for over $3 million in Deschutes County are at 40, the same as last week. On this week in 2025, there were 49 active listings. No sales are pending this week, compared with 1 last week. Three transactions closed this week, up from 1 last week: One at $3,350,000 on Gerking Market Road originally listed at $3,495,000, another in Caldera Springs on Cottontail for the full price of $3,550,000, and a home near Miller’s Landing on Shasta Place, Bend, closed for the full asking price at $4,500,000. While sales in this price tranche are picking up, year-to-date sales are at 25, five fewer than at this point in 2025.

Crook County homes listed over $1 million are down by 2 to 70, nearly the same as last year’s total of 69. Two sales are pending: one in Brasada Ranch on Ranchview Road, listed at $1,200,000, with no price reductions before securing a contract. The other is on McDaniel Road in Powell Butte, listed at $3,000,000, and originally listed at $5,000,000. No transactions closed this week.

Deschutes County farm listings over $1 million are down by 1 from last week, due to a pending transaction, the first activity in weeks in this segment of the market. The pending sale on Nelson Road, Bend, is an elaborate equestrian facility on 16.87 acres, and is listed at $1,550,000, down from the original list price of $2,999,000. No transactions closed this week.

Crook County farm listings over $1 million are stable at 17 this week. No sales are pending, but one property closed at $1,800,000 in Powell Butte on Huston Lake Road, originally listed for $2,950,000. Sellers in the Central Oregon Farm market are definitely making price adjustments to entice buyers.

Several notably large price decreases have occurred in the luxury and Farm markets recently, showing sellers are doing what they must to move property. These reduced prices align with flat sale prices in today's market. Any pricing evaluation needs to be done on a case-by-case basis, but broadly speaking, sellers who were shooting for the moon have accepted current market conditions. For example, a quick look at Tetherow homes sold over $1 million shows 18 sales year-to-date in 2025, with an average sale price of $2,985,833, compared to 17 sales this year averaging $2,598,169. Pulling back to the entire city of Bend over $1 million shows 431 sales year-to-date in 2025, averaging $1,673,300, compared to 452 sales so far in 2026, averaging $1,654,735.

 

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Since March, the 30-year average for a fixed-rate conventional mortgage has moved within a range of less than 10 basis points, marking a period of stability that has brought some calm to the market. Rates peaked on October 19, 2023, when the conventional average nationwide was 8.03%. In the most recent run-up, on February 27, 2026, rates started at 5.99%. Since then, rates have peaked three times: 6.64% on March 27, 2026, 6.75% on May 19, 2026, and 6.85% on July 23. Today, the national average is 6.72%. While rates in this most recent cycle may be higher than many would like, the consistency makes planning for buyers easier and has brought remarkably consistent week-to-week activity. 2026 will not be a huge year for sales, but we are on pace to exceed 2025 sales, which exceeded 2024 sales, which exceeded 2023 sales. Slow, steady, reasonable sales growth indicates a healthy market. Average sale prices have remained stable, bringing predictability to Central Oregon housing that was missing for several years before the recent rate increases.

Supply of single-family homes listed in Deschutes County today sits at 1,430, down by 9 from last week. Pending sales are down 1 to 80 from last week, and 44 of those listings reduced the asking price by an average of 8.25% before securing a contract. While more than 50% of pending sales reduced the asking price, which might suggest a falling market, sales prices remain consistent with the last few years. Sixty closed transactions this week are one fewer than last week, with 22 listings reducing the list price an average of 5.83% before securing a buyer. The sold-to-original-list-price ratio was a strong 96.29% this week.

Crook County inventory of single-family homes increased by 3 to 264 this week, consistent with the seasonal trend before a steady decline through spring. Twelve pending sales are four times last week's total, and the most since mid-July. Nine of those listings reduced the asking price by an average of 9.49% before securing a contract. Closed transactions match last week’s total of 8, with 6 of those listings reducing the asking price by an average of 5.56% before securing a buyer. The sold-to-original-list-price ratio was 94.96%, the highest ratio since mid-July.

After a bump in available inventory last week, Jefferson County supply decreased by 4 this week to 149, the lowest since late May. Five pending sales match last week’s number, with two of those listings reducing the asking price by an average of 7.79% before securing a contract. Six closed transactions also match last week’s volume, with 4 of those listings reducing the asking price by an average of 8.21% before securing a buyer. The sold-to-original-list-price ratio was 93.34%, down from recent weeks.

With longer marketing times, buyers have time to become very educated on pricing. At this stage of the selling season, enough sales have occurred to establish a price baseline. The sold-to-original-sales-price ratios and price reductions might make it seem like prices are falling, but in reality, sellers are just coming down to the market, which is consistent with sales averages over the last few years. As sellers reduce prices and inventory remains flat or begins decreasing, buyers are moving on properties priced correctly. This consistent seasonal trend will continue into October.

 

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Inventory in Central Oregon naturally declines seasonally, with the tipping point typically occurring in August. The steady reduction in supply appeared to begin this year, but this week several segments of the luxury market saw slight increases. Small ups and downs before the decline towards winter are not unheard of, but the more inventory is carried into spring, the more it impacts next year's market. Today, there aren’t any significant signs of a market shift, and 2026 looks set to outpace 2025 in sales. Still, some market segments are feeling the effects of increased competition, along with longer marketing cycles before securing a sale. Whether these are emerging trends or short-term anomalies remains to be seen, but I will continue tracking the data and watching for early indications of a market shift.

The Deschutes County supply of homes listed between $1 million and $1,999,999 increased by 4 this week to 365. Sixteen pending sales occurred this week, up by one from last week. However, last week’s report was one day shorter, coming out Thursday, making this week’s report one day longer. Fourteen transactions closed this week, down 4 from last week, with an average sale price of $1,170,194, skewing lower in the price tranche than in past weeks. The sold-to-original-list-price ratio was 93.81%, also lower than in past weeks. As we get later into the summer, sellers are more inclined to negotiate, and sales data from the past several months shows prices are flat, benefiting buyers.

Single-family homes in Dechutes County listed between $2 million and $2,999,999 also increased this week, up 6 to 84. One sale is pending in Northwest Crossing at $2,298,500 after 58 days on the market. Two transactions closed this week: one in Caldera Springs at $2,180,000 for 91.1% of the original list price, and a full-price sale in Tetherow at $2,675,000.

Deschutes County homes listed over $3 million decreased by 1 to 40 this week. One pending sale occurred in Deschutes River Ranch at $3,999,000, after 89 days on the market. However, this property expired after 435 days on the market last year, listed at $4,345,000, originally listed at $4,750,000. One transaction closed this week in Tetherow at $3,824,000, originally listed at $3,850,000, then raised to $3,899,000. This Tetherow transaction was listed for 199 days.

Crook County listings over $1 million increased by 3 this week to 72. One sale is pending in Powell Butte at $1,299,000. One transaction closed this week in Powell Butte for $1,000,000 after 524 days on the market. The original list price was $1,195,000, and it was decreased to $1,100,000, making the sale at 83.68% of the original list price.

Buyers and sellers are still finding common ground in today’s market, despite some tension, and sales are on pace to end the year higher than in 2025. How much of this tension survives the winter and shows up in the spring remains to be seen. But from today’s vantage point, 2027 is shaping up to look very similar to 2026. I don’t anticipate a significant change to mortgage rates next year, leaving inventory levels as the wild card. Of course, a lot can happen over the next several months. In the meantime, market analysis and price considerations for both buyers and sellers are more important than ever. Overpriced listings are seeing extended marketing times, and educated buyers are searching for the best properties at the best prices. Please reach out if you would benefit from a personalized analysis to get a clearer picture of today's housing market.

 

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If I were asked to pick a phrase to describe this week’s activity in Central Oregon, I would choose ho-hum. The housing market is chugging along, with nothing particularly noteworthy and steady activity as we have seen all year. The national average for a 30-year fixed-rate conventional mortgage today is 6.74%, down a few basis points from recent highs, but still operating within a range consistent with the past several months. Inventory is holding up quite well, considering we have reached the turning point for the year.

Today in Deschutes County, supply is flat from last week at 1,439. Eighty-one pending sales are up by 3 from last week, with the average list price at $867,674. Forty-seven of the pending sales reduced the asking price an average of 6.63% before securing a contract. Sixty-two closed transactions are down 16 from last week, the lowest closing number since May. The average sold price was $852,001, with 37 of those listings reducing the asking price by an average of 7.57% before securing a buyer. The sold-to-original-list-price ratio was 94%.

Crook County supply is down by 3 from last week to 261. Three pending sales are 7 fewer than last week, with all three of those listings reducing the asking price an average of 2.65% before securing a buyer. Only one of the pending sales was in Prineville, a home in the Crystal Springs subdivision listed at $644,900. The other two pending sales were in Powell Butte: a home on Sego Lily Road listed at $895,000, and the 897-acre Kerley Horse Center on Cornett Loop listed at $7,750,000. Eight transactions closed this week, down by 4 from last week, with 2 of those listings reducing the asking price by 9.64% before securing a buyer. The sold-to-original-list-price ratio was 92.21%.

In Jefferson County, supply increased by 2 this week to 153, after spending three consecutive weeks at 151. Five pending sales occurred, with four of those listings reducing the asking price by an average of 1.23% before securing a contract. The average list price of the pending sales was $346,650, with all five of those transactions priced below $400k. Six closed transactions are down by 2 from last week, with 4 of those listings reducing the asking price by an average of 0.23% before securing a buyer. The average sale price was $547,400, with the sold-to-original-list-price ratio at 105.21%.

Sellers have been reducing asking prices to lure in buyers, but at the lower price points, many are already at rock-bottom prices for the market. This is reflected in the low percentage decreases in price changes, and particularly in Jefferson County, a final sale price above the original asking price. In contrast, in Deschutes County, this week, a 94% sold-to-original-list-price ratio shows sellers working with buyers to make sales happen. Neither of these numbers is far from expected ranges for the time of year, and certainly doesn’t reveal anything more than stable, steady market conditions. I read a lot of speculation about a falling market based on price reductions, which is not accurate. Sales prices have remained stable since the high point in 2022, if not slightly up.

 

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On this special Thursday edition of the Central Oregon Luxury Market Report, all segments of the luxury market had a decrease in inventory. Peak supply is in the rearview mirror, and inventory will continue the steady decline to winter. Sellers are, in many cases, adjusting prices, and buyers motivated to make a purchase this year are stepping up. While mortgage interest rates are up a few basis points from this time last year, the overall dynamic very slightly favors buyers. For the third consecutive year, prices are mostly flat from the peak of 2022, but desirable properties in great locations are outpacing the broader market. The market dynamics are as interesting as they are varied!

Deschutes County single-family listings between $1 million and $1,999,999 are down by 6 from last week to 361. Pending sales are at 15, a decrease of 4 from last week. But with one less day in this reporting cycle, consistency is king here. Eleven of the pending sales decreased the listing price by an average of 8.48%. Eighteen closed transactions are up 3 from last week, with 10 of those listings decreasing the asking price by an average of 5.55% before securing a buyer. The sold-to-original-list-price ratio was 95.39%.

Listings in the county between $2 million and $2,999,999 decreased by 4 to 78 this week. Three sales are pending: $2,950,000 on Hosmer Lake Drive in Tetherow, $2,499,000 on Pacific Heights Road off OB Reilly Road, and $2,395,000 on Puccoon Court in North Rim. One transaction closed this week on Awbrey Butte at $2,442,000, after just 11 days listed, and at 97.72% of the asking price.

The Deschutes County active listings over $3 million decreased by 2 this week to 41. No pending sales occurred this week. Two transactions closed this week at $3,200,000 on Sparrow Hawk Circle in Shevlin Commons, and at $3,875,000 on Hardin Martin Court in Tetherow. The Sparrow Hawk Circle property closed at full price, while Hardin Martin Court was originally listed at $4 million.

Crook County listings over $1 million are down by 4 from last week to 69. Two sales are pending: $1,575,000 in Brasada Ranch, and $7,750,000 in Powell Butte, the 897-acre Kerley Horse Center, with an 89,000-square-foot equestrian center. One transaction closed at $1,259,000 on 120 acres, near the Prineville reservoir, at 81.23% of the original list price.

There haven’t been many “big” weeks of activity in the luxury market in 2026, but steady sales have actually brought us past the 2025 levels year-to-date. Overall, buyers have more time to consider many of the options available. However, desirable properties are still selling quickly, with many barely breaking into double-digit days on the market. With the last couple of months of warm weather ahead of us, many properties that have been listed through the summer, and in some cases since last fall, will begin to move. Supply this year never reached 2025 levels, and shrinking inventory levels now leave fewer options for buyers motivated to purchase this year.

 

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The national average for a 30-year fixed-rate mortgage today is 6.75%, only several basis points higher than this time last year. Supply in Central Oregon is declining this week in Deschutes and Crook Counties, and flat in Jefferson County, as we have reached the seasonal tipping point in inventory growth for 2026. Activity remains steady this week, as expected for what is consistently the busiest time of the year. Thankfully, the major fire threats in Central Oregon are largely under control, even though there is plenty of fire season left before we can expect moisture that will help tamp down the risk.

Deschutes County inventory of single-family homes decreased by 16 to 1,439 today. Seventy-eight pending sales are down by 13 from last week, with the average list price of these transactions at $854,784. Seventy-eight closed transactions are down 2 from last week, with the average sale price at $1,093,060. The sold-to-original-list-price ratio was 96.82%.

Supply in Crook County decreased by 4 to 264 today. Ten pending sales are double last week's total, with the average list price of these transactions at $1,575,480. Twelve closed transactions are triple last week's total, with the average sale price at $545,250. The sold-to-original-list-price ratio was 92.67%.

For the third consecutive week, inventory in Jefferson County is stuck at 151. Three pending sales this week are 2 fewer than last week, with the average list price of these transactions at $826,317. Eight closed transactions this week are up by 5 from last week, with the average sale price at $387,403. The sold-to-original-list-price ratio was 98.99%.

Notable this week across all Central Oregon Counties is the higher sold-to-original-list-price ratio and strong activity in higher price points. It is not unusual for home sales over $1 million to pick up in the second half of the year, and this year appears to be consistent with that trend. As inventory declines, buyers begin to take action after spending the first half of the year evaluating the market. Sellers also have the benefit of first-half-of-the-year sales to make price corrections, and closer-to-list-price deals become more commonplace. Nobody expected mortgage interest rates to be at the level they are today, but rates are still very close to last year’s level. Stability is the key to today’s activity.

 

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On this last day of July 2026, the economic data is mixed, while housing activity in Central Oregon is stable. In the most recent Federal Reserve Open Market Committee meeting, 9 of the 3 Fed Officers voted to keep rates where they have been since January. However, after 5 years of inflation holding above the Fed’s 2% target, the 3 dissenting votes in the Fed meeting wanted a 25 basis point increase to help tamp down inflation.

With 2nd Quarter 2026 GDP at 1.5%, and the most recent CPI report showing inflation at 3.5%, it is difficult to see any of this as overwhelmingly positive. Still, sales in the luxury market are outpacing last year, with Deschutes County sales over $1 million at 488 (468 in 2025 YTD) and the average sale at $1,615,570, up $7,126 from 2025. In Crook County, 2026 YTD sales are at 29 (22 in 2025 YTD) and average $1552,905, down $20,854 from 2025. While prices remain flat, transactions have steadily increased since the low in 2023.

Supply today in Deschutes County between $1 million and $1,999,999 is down by 6 from last week to 367. Nineteen pending sales are up 9 from last week; 12 of those listings reduced the asking price by an average of 8.3% before securing a buyer. Sixty-three percent of the pending sales reducing the asking price is notable. Fifteen closed transactions this week are down by 6 from last week, with six of those listings reducing the asking price by an average of 8.29%, and a sold-to-original-list-price ratio of 93.86%.

Deschutes County listings between $2 million and $2,999,999 are at 82 today, down by 7 from last week. Pending sales are identical to last week at 5, with all five of those listings reducing the asking price by an average of 4.09%. Six closed transactions are double last week, with three of those listings reducing the asking price by an average of 4.04%, and the sold-to-original-list-price ratio for all sales at 95.54%.

Crook County listings over $1 million are also stable this week at 73. Two sales are pending at $1,575,000 and $2,895,000, both in Brasada Ranch—the listing under contract at $1,575,000 originally listed at $1,850,000. No transactions closed this week.

Deschutes County farm listings over 41 million are stable at 14 and have had six consecutive weeks with no pending or closed transactions. Crook County farm listings over 41 million are up by one to 20, with no pending or closed transactions. In Crook County, there are a handful of large acreage listings broken into multiple listings, making it appear there are more individual properties listed than is actually the case. Breaking up some of these properties that have more than one tax lot is a solid strategy, but there remains very little activity in the Central Oregon farm segment.

The data this week shows flat to decreasing inventory in all segments except Crook County farm listings. This could very well mean the peak supply for the luxury market was in the last couple of weeks. The biggest price drops and seller negotiations are happening in the lower price tiers, with the higher end of the market able to secure prices closer to the listing price. Now is the time of year that buyers start acting in earnest on properties in the luxury market since the supply of enticing new listings is tightening up. If there is anything I can help you with in the Central Oregon market, please let me know!

 

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Thankfully, firefighters throughout Central Oregon have made significant progress on the different fires burning throughout the region. Everyone is grateful for their hard work during this extremely dry summer. If you’d like a concise daily summary of the activity, go to www.centraloregonfire.org.

The real estate market is steady, as expected for this busy time of year. The national average for a 30-year conventional mortgage today is 6.78%, down a few basis points from recent highs. Undoubtedly, fires and higher rates have slowed some activity in areas impacted by fires, and among all interest rate-sensitive buyers. Still, the market moves on. Inventory levels are mostly flat from last week as we approach the time of year when supply will turn and start the steady decline toward winter.

Deschutes County inventory today is 1,455, down by 5 from last week. Pending sales took a healthy jump to 91, which is up 20 from last week. Fifty-one of the pending sales reduced the asking price by an average of 6.32% before securing a contract. Eighty closed transactions this week are up by 2 from last week, with a closed-to-original-list-price ratio of 96.23%.

Crook County supply increased by 3 this week to 268. Pending sales are flat at five this week, with 4 of those listings reducing the asking price by an average of 4.56% before securing a contract. Closed transactions this week are down by 3 to 4, with a closed-to-original-list-price ratio of 93.96%.

Jefferson County inventory is flat this week at 151. Pending sales are down by 4 to 5, with 2 of those listings reducing the asking price by an average of 2.93% before securing a contract. Three closed transactions this week are down by 10, with a closed-to-original-list-price ratio of 94.26%.

Fires have heavily impacted both Jefferson and Crook County over the last several days, but both still show reasonable pending sale activity. Most of the fire activity in Deschutes County has been centered just north of Sisters, with most of the rest of the county unaffected at the moment. At the Fed meeting today, Chair Kevin Warsh held rates, which was broadly expected. All of this is setting up a predictable late summer and fall for Central Oregon housing.

 

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Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.

Ask a QuestionI need to sell my homeCall Me

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