80 articles found with the search of "mortgage interest rates"

Bend Home Sales Down

We have been following the data and our transitional Bend real estate market is definitely showing downward trends in many categories.  The rapid rise in prices and demand we saw during the covid pandemic were unsustainable and now we are seeing adjustments in home sales, days on market and home prices. The shock of higher mortgage interest rates is mostly over and home buyers are back in the market. And sellers are more realistic with home prices and willing to negotiate terms.

When Bend single family home sales on less than an acre are compared year over year, the following changes can be seen:

• Average sales price down 7.7% to $801,839*
• Median sales price down 12.3% to $680,000
• Average list price up 5.5% to $970,512
• Median list price up 4.7% to $784,950 
• New listings down 27% to 195
• Homes for sale up 21.9% to 217
• Pending sales down 26.5%...

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Bend Home Sales Significantly Down the End of 2022 

When we study Bend real estate sales in 2022, we can state with confidence that the first six months were very different that the second half of the year. The first half of the year was a continuation of what was seen in 2021, with Bend single family home sales greatly impacted by lack of inventory and relatively low interest rates.  It was an extremely strong sellers' market with multiple offers and contingency waivers a normal occurrence. However, the second half of the year was highly influenced by rising mortgage interest rates with these more than doubling in just a few months - something that had never happened before in the country's history.  The high mortgage rates changed the buying power of potential Bend homebuyers, and the sales of

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Bend Real Estate Market in Transition

Ask any Bend Premier Real Estate broker about the local housing market and they will tell you that it is changing. After the initial few weeks of the Covid-19 pandemic, real estate sales across the nation accelerated beyond any seen before. Lack of inventory coupled with low interest rates led to multiple-offers, tremendous buyer demand and rising home prices; between March of 2020 and March of 2022, the average price of a Bend single family home on less than an acre increased 67%. This rate of increase was not sustainable. When

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High Interest Rates Impacting the Buying Power of Bend Homebuyers

Although the 30 year interest rate has moderated a bit from its high of 7.08% hit November 10, 2022, the rapid increase in mortgage interest rates we have seen since the beginning of 2022 has greatly impacted our buyer's purchasing power. Many buyers are regretting that they didn't buy several months ago before rates rose to the levels they are now. But is it really cheaper to buy a Bend home today than it was six months ago? Let's look at the true difference between these two markets and see what the numbers actually say.

 In April, we were still living under high demand for Bend homes and a $500,000 property hitting the market would often generate

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There are a lot of Questions with Bend Home Sales

As we published last month, the Bend real estate market is in transition. The steep rise in mortgage rates and continued home price increase has impacted Bend homebuyers to the point where home sales have slowed beyond normal seasonal levels.  It is as if the brakes have been hit and all onboard are bracing for an impact. What that eventual impact will be remains to be seen.

When October, 2022 sales of Bend single family homes are compared with those from October, 2021, the following changes can be noted:

• Average sales price up 6.4% to $823,360*
• Median sales price up 4.4% to $680,000
• Average list price up 17.6% to $934,365
• Median list price up 4.7% to $725,000
• New listings down 23.2% to 129
• Homes for sale up 34.5%...

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