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Real Estate Market Update : What to Expect as We Approach Winter
You may notice some dramatic swings in the numbers above, but they should be taken with a grain of salt. The Avg price statistics are moving around much more than usual as the rates effect different price points in different ways (Home prices as a whole have not actually fallen 12% in a month!). As I anticipated last month, home prices in Bend have adjusted downward following last month's spike, with a surge in higher-priced home sales. Redmond's market appears to have stabilized, with the average price point returning to around $500,000. This shift aligns with increased activity in the more affordable home sector and a slowdown in the high-end market. Across Deschutes County, we're seeing decreased pending and under-contract activity, alongside a slight decline in active listings. However, buyer activity has slowed at a faster rate, leading to a quieter market as we head into winter. For sellers, this could mean longer time frames to find a buyer during the colder months.
As the Federal Reserve prepares to meet on the 17th, a potential rate cut before year-end is creating buzz. However, after speaking with local mortgage brokers, it seems we shouldn't anticipate dramatic shifts in mortgage rates over the next couple of months. With steady inflation and a consistent job market, significant mortgage rate declines remain dependent on broader economic changes.
If you have questions about these trends or would like a deeper dive into the latest statistics, feel free to reach out—I’m always happy to help! - Greg
What's new with Mortgage Rates?
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Market Snapshot
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