Sales for this week in Deschutes County decreased from 162 in 2020 to 104 in 2021, while homes for sale ticked up to 584. While the national average 30-year fixed-rate mortgage rose ten basis points to 2.87%, rates are still at historic lows. Freddie Mac pins the increase in rates on last Friday's strong jobs report and gains in employment and wage growth. The median list price of single-family homes is now at $784,750, and 29 median days in the MLS. In addition, 42.5% of the homes for sale in Deschutes County have reduced the asking price by an average of 5.77%.
Since the pandemic home-buying began, this is the first week where the median sale price has declined, down to 620k from 640k last week. However, the median days closed homes spend on the market is only five, indicating continued buyer demand. Currently, the market seems to be stabilizing in price, although with summer winding down, much of this lull could be seasonal. Nationwide, home inventory has picked up faster than in Central Oregon, which could be an early indication of the trends to come locally.
Finally, I want to thank any of you that served our military, especially in Afghanistan. I am old enough to remember the evacuation of the US Embassy in Saigon, and watching the scenario play out over the weekend in Kabul was surreal and upsetting. Thank you for your service.
