Bend’s sale prices took a huge leap in July, rising 8% month-over-month to a median of $799,000, an all-time high even as inventory climbed to over 3 months for the first time since before the pandemic. So what drove that price surge? The answer is a little bit nuanced.
The number of sales in the sub-$700k price range dropped from 116 in June to just 74 in July, a 36% month-over-month decline. Clearly, buyers at price points below Bend’s median are feeling the squeeze from high mortgage rates. Meanwhile, with the onset of the summer buying season, Bend’s luxury market has been less affected.
It’s difficult to say where Bend’s market will go from here. We’ll be watching closely as the summer buying season wraps up. New listings were down a whopping 36% month-over-month in July, indicating that inventory will likely remain flat, even if buyer activity cools down.
