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REAL ESTATE UPDATE | July 2022




As we enter the 3rd quarter of 2022, many experts have been forced to revise their predictions about how this year’s housing market will unfold. Spiking mortgage rates, inventory gains, and lower-than-expected pending home sales drove the downward revision. Our Central Oregon market has continued much of the same trend. Bend’s inventory levels increased to 423 single-family homes under 1 acre from 311 just last month. That brings us to 2.3 months of inventory overall and even puts inventory at every price point, including 10 homes under $500,000. For some time now, there have been zero homes under $500,000. Simultaneously, the $2,000,000+ category has slowed and now has over 5 months of inventory. The 30-year fixed-rate mortgage has cooled from 6.375% reported at this time last month to 5.75% as of this writing. The Beacon Report posted that the Bend median home price dropped for the 3rd consecutive month, to $722,000 for June. The number of sales in Bend for June was 194, when we typically see over 220. Buyers are still buying; sellers are still selling; but as the housing market returns to earth, it’s time for all parties to reacquaint themselves with the art of negotiating. 

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