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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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