The number of single-family homes for sale in Deschutes County dropped further this week to 332 from 373. Five hundred ninety-two homes are currently under contract, with 88 sales last week. This week, the volume of homes sold is on par with years past, albeit slightly less than the 106 sold properties of this week last year. In addition, mortgage interest rates ticked up gradually from 3.10% to 3.12%, which is a boon to any buyers with an eye on future interest rates.
Rising mortgage interest rates in 2022 could take a bite out of buyers' purchasing power, which in turn could apply some downward pressure on housing prices. Although, homeowners with record-low mortgage rates are motivated to stay put when rates rise. All signs point to another year of demand outpacing supply, which should keep prices firm. Last winter, the number of single-family homes for sale in Deschutes County dropped below 200; how low will it go this winter? While the economy and mortgage interest rates directly impact the housing market, the dwindling number of homes for sale at any given moment is affecting housing more than anything else. As of this morning, there have been 5,128 single-family homes sold in Deschutes County in 2021, only 198 sales short of last year's record volume. Will 2022 be another record-setting year, or do you anticipate prices falling and inventory rising?
Deschutes County data paints a good picture of the market in general, but don't forget the Market Trend Reports for specific zip codes within Central Oregon. Did you know you can search any city or zip code in the country from the search bar at the top of any Market Trend Report? Check out Seattle, San Francisco, or even New York City!
I hope you and your family have a Merry Christmas!
