July brought some stabilization to the housing inventory in Central Oregon. Currently, there are 423 single-family homes under one acre in Bend, down about 2.5% from the previous month. This leaves 2.3 months of inventory overall, which is still low inventory when looking at the big picture. That provides about 16 homes under $500,000, and the $600,000 – $699,000 price point is the most saturated with 100 active listings. Mortgage rates appear to have found some stability for the time being, with 30-year fixed rates hovering around 5.6%. According to the latest Beacon Report, the Bend median price went back up in July, now to $762,000. The number of sales in July was down, with just 175 units sold. Meanwhile, the days on market have crept up to 10. Homes are still selling, but they need to be priced correctly as buyers don’t feel the “rush” to purchase and are willing to take their time.
