This week the median list price for Bend, OR 97701 is $725,000 with the market action index hovering around 82. This is less than last month's market action index of 88. Inventory has increased to 71. Days on Market have increased to 25. Resulting in 48% of the homes reducing prices.
This week the median list price for Bend, OR 97702 is $820,000 with the market action index hovering around 70. This is less than last month's market action index of 81. Inventory has increased to 135. Average Days on Market have increased to 28. Resulting in 31% of the homes reducing prices.
This week the median list price for Bend, OR 97703 is $1,195,000 with the market action index hovering around 56. This is less than last month's market action index of 61. Inventory has increased to 112. Average Days on Market have increased to 50. Resulting in 36% of the homes reducing prices.
This week the median list price for SunRiver/Three Rivers South 97707 is $939,000 with the market action index hovering around 57. This is less than last month's market action index of 65. Inventory has increased to 30 homes. Average Days on Market have increased to 35. Resulting in 27% of the homes reducing prices.
This week the median list price for La Pine, OR 97739 is $579,000 with the market action index hovering around 45. This is less than last month's market action index of 50. Inventory has increased to 71. Average Days on Market have increased to 47. Resulting in 34% of the homes reducing prices.
This week the median list price for Prineville, OR 97754 is $554,900 with the market action index hovering around 45. This is less than last month's market action index of 51. Inventory has increased to 69. Average Days on Market have increased to 63. Resulting in 36% of the homes reducing prices.
This week the median list price for Redmond, OR 97756 is $649,900 with the market action index hovering around 63. This is less than last month's market action index of 67. Inventory has increased to 104. Average Days on Market have increased to 57. Resulting in 36% of the homes reducing prices.
This week the median list price for Madras, OR 97741 is $449,900 with the market action index hovering around 45. This is an increase over last month's market action index of 44. Inventory has decreased to 35. Average Days on Market have increased to 88. Resulting in 29% of the homes reducing prices.
This week the median list price for Sisters, OR 97759 is $1,307,500 with the market action index hovering around 59. This is less than last month's market action index of 67. Inventory has increased to 34. Average Days on Market have increased to 41. Resulting in 18% of the homes reducing prices.
The market has started cooling and prices have been flat for several weeks.
· The share of home sellers dropping their asking prices has risen to a six-month high. The percentage is still low, but the quicker pace of price drops is notable, researchers say.
· Nationwide home sales are down 30% over this same time period last year.
· For the four weeks ending May 1, 15% of home sellers dropped their asking prices, up from 9% a year earlier, according to new research released by Redfin.
· Some home buyers may be starting to feel priced out by the rapid rise in mortgage rates, which may be making sellers have to adjust slightly.
· The 30-year fixed-rate mortgage averaged 5.27% last week, up from 2.96% just one year ago, Freddie Mac reports.
· Housing affordability is declining as monthly mortgage payments increased by nearly 10%; the median family income increased by just 1.1% in comparison, according to NAR’s housing affordability index, reflecting March data.
· “Home buyers continue to be squeezed in nearly every way possible, which is causing some to take a step back from the market,” says Daryl Fairweather, Redfin’s chief economist. “Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster, which is keeping the market deep in seller’s territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time.”
· even as mortgage rates climb, sellers are still finding they have an advantage. They still don’t have that much competition, and with low inventories, they’re finding they can continue to sell for a premium.
· Some homeowners may need to reset their price expectations. Signs of a slowing real estate market are growing across the country—existing-home sales and new-home sales are falling as well as pending home sales. Pending home sales fell for the sixth consecutive month and are now at the slowest pace in nearly 10 years, the National Association of REALTORS® reported last week.
· Homes are still selling fast due to low inventory, but a slowdown is consequence of rising mortgage rates that are pricing more buyers out, some home sellers are having to revisit their asking price.
· We are seeing more price reductions, price improvements, price adjustments etc over the last several weeks in response to the slowing market. When mortgage rates were at or below 3%, both local and out-of-town home buyers were more willing and able to tolerate high home prices, but at 5%, many are priced out. A home’s price is driven by the balance of supply and demand, and when demand drops off and supply increases like it is now, price increases evaporate quickly.
· Lawrence Yun, NAR’s chief economist, said in a recent release on the latest housing data that higher mortgage rates have increased the cost of purchasing a home by more than 25% compared to last year. In many cases, that could mean the higher mortgage payments are leading up to $500 more per month for borrowers. Further, households are facing rapid inflation that is increasing everyday costs, like fuel and food. Cooling the housing market.
· Buyers may get more choices, but now they’re up against higher mortgage rates, which have increased borrowing costs considerably over the last few weeks—Again as Cathryn mentioned earlier The 30-year fixed-rate mortgage averaged 5.10% last week compared to 2.95% a year earlier,
· Despite rising costs and some signs of a market slowdown, Eighty-eight percent of homes sold last month in Bend were on the market for less than a month, according to MLS data. Home sellers are needing to be more realistic with their asking prices, as mispriced homes will linger on the market. A few weeks ago, sellers may have been able to list their homes 20% above what they could have a year ago, but now it may be 10% above a year ago higher mortgage rates squeeze out some buyers. Many people are in a “let’s wait and see” attitude.