"PROVIDING CLARITY IN A COMPLEX REAL ESTATE MARKET"
Bend's median price maintains the recent hot streak with the median sales price coming in at $737,000! This is the second month that Bend's median sales price cam in effectively flat year over year, showing s slight declining from the April 2022 all time high of $775K. This trend appears to be sticking around in July, as the median pending list price of a home in June came in at $785K, a strong indicator that the median will land near this number next month. The average sales price also saw a surge back up above the $900K mark
MONTHS OF SUPPLY (CLOSED SALES)
We saw a good number of fresh listings in June, up notch from May, and year over year only down 14% to last June, which is an improvement from past months.
HOMES PENDING BY MONTH
Only 239 homes went "Pending" in June. Although this number is soft, it is close to flat to last year's pended sales number. June 2022 is the first month where we saw a significant downturn in market activity due to higher interest rates.
* information is from the Oregon Data Share Multiple listing service and is deemed reliable but not guaranteed.
We anticipated a large surge in the amount of market supply in June, however it only came in at 2.77 months, which is below the 3 month of supply threshold. 2.77 months is slightly less inventory than what we typically saw during a summer month pre-covid.
Median Mo Payment w/20% Down @ US 30 Yr Fixed Rate Mortgage
Our gauge on affordability (median mortgage price based on Fed rate data and median price) remains just shy of 4K for a monthly mortgage payment. This is outside the 1 year consistent trend between $3,300 to $3,500. This means we could see a pullback on price if rates do not drop.