Central Oregon reflects trend in home price increase nationwide

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Bulletin staff report

With the year coming to an end, figures show that steadily climbing home-sale prices in Bend and Redmond mirror a similar trend in the country at large.

The U.S. median sales price for new homes sold in November reached $318,700, with an average sales price of $377,100, the U.S. Census Bureau and Commerce Department reported Friday.

Bend was above average in sales of all homes, not just new ones. The median sales price in November for all homes sold in Bend dropped to $390,000 from a high this year of $418,000 in September, according to the Beacon Report by Beacon Appraisal Group LLC. In Redmond, the median price for all homes sold in November reached $305,000, just shy of the year’s high point, $306,000 in July.

Just over a third of all new homes sold in the U.S. in November were priced between $200,000 and $299,000. One-quarter of all sales were priced between $400,000 and $499,000.

In the year ending in November, 589 homes were sold in Bend in the $300,000 to $400,000 price range, the largest category, according to the Beacon Report. Another 500 homes sold at a price between $400,000 and $500,000. And 394 homes sold in the $200,000 to $300,00 price range in the same period, according to the Beacon Report.

New home sales across the U.S. reached a seasonally adjusted rate of 733,000 for the month of November, the high point so far this year, according to the U.S. Census Bureau and Department of Housing and Urban Development. That represents a 17.5 percent increase over the revised October rate of 624,000 homes sold.

The November U.S. sales figure is 26.6 percent higher than the estimate of 579,000 homes sold in November 2016. Five years ago, in November 2012, about 400,000 new homes were sold across the country.

Nationwide, the inventory of new homes for sale in November represented an average supply of 4.6 months’ worth of sales. The inventory of all single-family homes for sale in Bend and Redmond at the same time represented a two-month supply. Data for strictly new home sales in Bend and Redmond were unavailable.

Western states ranked second in overall number of new home sales in November at 194,000 sold, seasonally adjusted, according to the Census Bureau and Commerce Department. Those sales represented a 22.8 percent gain over November 2016 sales.

Buyers in southern states recorded the most new home sales in November at 416,000, seasonally adjusted, a 32.5 percent increase in sales from November 2016.

The median sales price of a new home across the nation in 2016 reached $307,800, according to the two departments.

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