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REAL ESTATE UPDATE | November 2022

Jared Chase discusses the latest data in the Central Oregon Real Estate market.

Through the last couple of winter cycles, the Central Oregon Real Estate market hasn’t really slowed down but now in the post-pandemic boom there is a normalization in the data. Active listings are down 14% from last month which historically is common in our area to see inventory drop in the winter. This decrease in inventory is also due to lower demand, homes are still selling but not at the fast pace of the last couple of years. The average days on market has increased to 28, while the Bend median home price is now at $680,000, this is down 12% from the peak in March but up 5% year-over-year. There were 160 sales in Bend for the month of October which is a 23% decrease year-over-year. The major headwind for buyers right now are interest rates, which on a 30 year fixed rate mortgage is currently just under 7%. Many experts who predicted rates would come down by year end or early 2023 have revised their predictions. It’s likely rates will remain at current levels are slightly higher through 2023 and even into 2024 as the Fed policy continues to combat record inflationary numbers. 

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