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The national average for a fixed-rate 30-year conventional mortgage closing yesterday was 6.52% after the Producer Price index came in better than predictions. If the CPI report is favorable today, the chances of a Fed rate decrease in September will improve, bringing some welcome stability to mortgage rates. There is a lot of data to sift through between now and the next FOMC meeting, but the trends for mortgage rates are heading in the right direction.
Deschutes County Listings
This morning in Deschutes County, 1318 single-family homes are listed for sale, down four from last week. Of course, more homes will list as the summer winds down, but the overall trend will be fewer total listings as we taper down to the end of the year. A whopping 93 pending sales this week is an increase of twenty-two from last week, at an average of $786,763. Fifty-one closed transactions at an average of $830,179 is a decrease of sixteen. It is reasonable to assume that falling mortgage rates contributed to the uptick in pending sales, and I will be watching to see if this becomes a trend. Lower rates, higher inventory, and seasonal price reductions are a boon for buyers, and it will be interesting if those metrics combine to create more competition in the coming weeks. This week last year, 865 homes were listed for sale, so even with a surge of buyers, conditions are likely to be favorable to buyers compared to the recent past.
Crook County Listings
Crook County inventory increased eight this week to 168, with the average list price at $945,033. Eight pending sales at an average of $918,974 and five closed transactions at an average of $520,988 round out the weekly stats. Only three pending sales and two closed transactions changed the list price before securing an offer.
Jefferson County Listings
This morning, the number of Jefferson County homes for sale increased by three to 110. Last year, this week, seventy-nine homes were listed in the county. Five pending sales at an average of $437,659 and one closed transaction at $410,000 wrapped up the week.
Bend Ultimate Guide
The recent mortgage rate decreases are probably not enough to trigger a wave of refinancing, but they help buyers who have struggled with the combination of high prices and high rates for the first half of this year. A positive CPI report today will likely bring rates down more, with the next Fed meeting the next best catalyst to bring rates down another step. If all the trends play out as described, I anticipate an uptick in buyer activity to close out the year. Remaining inventory at the close of this year will be a strong indicator of how the spring housing market will shape up. In the meantime, more homes for sale and lower rates have produced the best buying opportunities of the last few years. Whether you are committed to buying this year or next, you owe it to yourself to look at what is available today. The opportunities might surprise you!
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