Since spring, our current inventory has grown significantly, with 557 single-family homes listed for sale in Deschutes County. Two hundred seventeen of the listed homes have reduced the asking price by an average of -5.19% while averaging 45 days on the market. In contrast, 121 homes sold last week, with 32 of those homes reducing the asking price by an average of -5.94%. As a result, last week's median sale price was $621,868 compared with the median list price of $799,900. In addition, the national average for a 30-year fixed-rate mortgage moved up almost slightly to 2.8% from 2.78% last week, making five consecutive weeks below three percent. Thus, demand for housing in Central Oregon has remained strong despite the gradually increasing inventory of homes for sale.
Homes sales in Deschutes County typically average ~120 deals per week at this time of year, matching last week's numbers. However, beginning in March, the weekly sales volume of single-family homes started climbing, with a peak of 165 sales at the end of June. While the market still favors sellers, the rising inventory and slightly decreased sales volume indicate a return to typical seasonality in our market trends. Considering that our current inventory and sales volume equates to a one-month supply of homes for sale, I do not expect prices to soften much, if at all.
