Per the FHFA (Federal Housing Finance Agency)report published last Thursday, some prices are up 11.25 percent in our area, compared to the previous year.
The Bend-Redmond MSA (Metropolitan Statistical Area), meaning all of Deschutes County, ranked eighth out of 276 metro areas in both the second and third quarters of 2014.
Prices of homes have increased 28.51 percent in our area, over five years, according to that report.
The median price of a Bend single-family home went up to $322,000 after a short seasonal decrease to $290,000 in December, as reported by the Beacon Appraisal Group. The average Redmond home will cost you on average $218,000 per January, which is up from $189,000 the month prior to the report.
U.S. – wide, the average home prices rose 1.4 percent in the last quarter of 2014, reports the FHFA. Year over year, costs were up 4.9 percent.
“The key drivers of appreciation over the last few years — low inventories of homes available for sale said Principal Economist Andrew Leventis in a news release.
More good news: Deschutes County has added more than 3,000 jobs in 2014, the strongest increase in job numbers since 2006, as per the Oregon Employment Department. In August, the average cost of a single family home in the Bend area arrived at $325,000, as per Beacon. A short time later, the rate of home sales in Bend, as well as Redmond decreased, according to the same report.