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This morning, the national average for a fixed-rate 30-year conventional mortgage is 6.8%, the lowest rate by a slim margin in the last six months. The Fed meets today, but the chances of a rate pivot are slim. However, the talk of what might come in September could set the tone for mortgage markets over the next few weeks. Whether the Fed decreases the overnight rate in September is anyone's guess, but a pivot of more than 25 basis points is extremely unlikely. Even with a pivot, if the mortgage market's price in an anticipated decrease, actual mortgage interest rates won't see a significant change. Still, lower rates today will help buyers, with rates down .6% since late April.
Deschutes County Listings
Deschutes County inventory growth slowed again this week, with 1295 single-family listings, up eight from last week. The median price of active listings is 820k, with an average of $1,178,448, both increases from last week. This week, there were sixty-five pending sales at an average of 697k and eighty-two closed sales at an average of 945k. The average price reduction for closed sales was -3.75%. Pending sales were down slightly this week, but still in the volume range, we have seen for the last several weeks. Active listings in Deschutes County are at a median of fifty-six days.
Crook County Listings
Crook County inventory also slowed this week, at 169 single-family listings, up four from last week. The median days listed for the active inventory is fifty-four, with an average list price of 934k. This week, there were nine pending sales at an average of 515k, with five closed transactions at an average of 757k, consistent with the last several weeks. The average price reduction of the five closed homes this week was 2.06%.
Jefferson County Listings
In Jefferson County, inventory decreased by five to 108 due to a solid ten pending sales. The active listings in the county show a median days listed of 68 and an average price of 619k. The average price of the ten pending sales is 401k, with two closed transactions at 160k and $411,309.
Bend Ultimate Guide
As the inventory of actively listed homes begins the seasonal decline, many properties that have lingered on the market will sell as summer winds down. Price reductions will prompt some sales, and slightly lower mortgage interest rates won't hurt either. Late summer and early fall are excellent times for buyers as prices decrease, and sellers are generally more willing to negotiate. For buyers knowledgeable about the market, attractive new listings are another great option, as the sellers at this time of year benefit from the season's sales to help them price appropriately. Supply may dwindle over the next several months, but the best deals of any year happen in the off-season. Start your research today so you can be ready to jump on the opportunities bound to come up in the coming months.
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