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Home prices on the rise again in Central Oregon

By Wanda Moore
Published On: May 07 2014 08:55:20 PM CDT
Updated On: May 08 2014 03:18:42 PM CDT

NewsChannel 21's Wanda Moore spoke with experts on the increase of home sale prices on the High Desert.

BEND, Ore. -

It's a good time for those trying to sell their homes on the High Desert. Real estate tracker CoreLogic said Wednesday that home sale prices have increased by more than 10 percent in the last year.

"I just didn't feel comfortable listing it until now," said Sonja Horner, who put her house on the market.

It's a good time for those trying to sell their homes on the High Desert. Real estate tracker CoreLogic said Wednesday that home sale prices have increased by more than 10 percent in the last year.

"The prices seem to have increased to where I feel comfortable with it. I've gone through two boxes of fliers so far," said Horner.

What's good news for sellers is bad news for buyers.

The median home price in Bend is currently $270,000, edging closer to pre-recession numbers.

At their peak, homes in Bend sold for an average of $370,000, but the current average prices are up from the low of $190,000 in 2010.

"There's only 20 homes that are active on the market that are under $200,000," said sales manager John Baker at Windermere Real Estate in Bend. "Only 20. That's 16 days' inventory. That's -- I mean, that's very little."

According to experts, a healthy housing market has 180 days worth of inventory.
Currently, the supply of anything under $600,000 is less than 160 days in Bend.

Realtors hope that soon, more affordable housing will be available on the market.

"We definitely need to increase our urban growth boundaries to increase our buildable land," said Baker.

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