Interest rates throttled up again in September, reaching 15-year highs and causing a reduction in mortgage affordability for buyers still in the market.
The number of single family home sales were down 30% in Deschutes County in September 2022 compared to 2021 according to data from the Central Oregon Association of Realtors.
Median prices in Bend were $725,000, following all-time highs in March at $773,000 before the market shifted due to rising mortgage rates, which have more than doubled since then.
Prices tend to level off into the winter in Deschutes County, but the degree to which prices change compared to prior years will shed more light on the health of the region for 2023.
Mortgage rates climbed higher in the last few weeks, coming in almost a full point higher than in August. Rates this week are at 6.66% on 30-year fixed loans according to Freddie Mac.
“Mortgage rates decreased slightly this week due to ongoing economic uncertainty. However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers.”
Both Redmond and Bend saw the inventory of homes for sale increase to 2 months of supply.
Inventory is nuanced, said Mike Simonsen of Altos Research. “The rise in inventory isn’t from a flood of sellers. New listing volume is actually low for this time of year, yet inventory is growing. 20% fewer new listings than the same week in 2021. This is a buyer's reaction.”
BEND AREA
$725,000
Median Price
20 Days on Market
REDMOND AREA
$525,000
Median Price
18 Days on Market
JEFFERSON COUNTY
$325,000
Median Price
7 Days on Market
SUNRIVER
$950,000
Median Price
10 Days on Market
LA PINE
$430,000
Median Price
55 Days on Market
SISTERS
$590,000
Median Price
4 Days on Market
CROOK COUNTY
$415,000
Median Price
34 Days on Market
Thank you to Beacon Appraisal Group for compiling this report. Prepared by Donnie Montagner with information from the MLS of Central Oregon with permission from COAR.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
