High mortgage rates keep some Bend homebuyers on the sidelines

Stubbornly high mortgage rates are keeping some Bend homebuyers on the sidelines, slowing sales and keeping prices within a narrow band. The median price for a home in Bend is $728,000, according to the latest Beacon real estate report. The price is unchanged from the previous month and down by around 6% compared to a year ago and a 9% decline compared to the same month two years ago. Home sales in October also dropped to 137 in October compared to 162 sales a year ago. In September, Bend notched 155 home sales. Shane Cass, a broker with Keller Williams Central Oregon, says borrowing costs of over 7% interest has helped cool the real estate market and pushed prospective buyers to the sidelines. “The main reason we’re seeing those pending sales drop so dramatically I think this year over other years is because of interest rates and general buyer sentiment around high rates and affordability,” said Cass.

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