ccording to a recently released report by the National Association of Realtors, more than half of all July listings were under contract in less than a month. According to the report, July is the fourth consecutive month that homes have accepted offers in less than one month. Nationally, the median home price for July was $258,300, which is 6.2 per cent above last year and the inventory level is at 4.2 months, down by 9 percent from last year.
As we know, the market in Bend has continued similar trends. According to the most recent Beacon report for homes in Bend on 1 acre of less, the average days on market (from listing to closing) is 66 days which may be even less than the national average given that the typical loan closing process takes about 45 days.
Compared to the national average price, our median price is $413,000 and is up 13.46 per cent from July 2016 compared to 6.2 percent nationally. Our inventory level has followed the national trend in decreasing, but at a more moderate level of just under 3 per cent as compared to 9 percent nationally.
The rate of increase in our current housing prices makes it difficult to purchase a home as the 13.46 percent increase in median home price far outpaces wage growth. The quick sales times emphasize the need for having your mortgage approval ready prior to writing an offer.