June 2025 Market Update: Inventory Climbs, Activity Builds, and Opportunity Grows

Median Sales Price

Bend’s median sales price dipped to $725K month-over-month but remains up 3.5% compared to last year. While that sounds like good news, the decline in sales at the lower end—where buyers are more rate-sensitive—is artificially keeping the median price elevated. Inventory is rising across all price points, creating headwinds for sellers. With months of supply nearing 5.5, softening demand may present more favorable conditions for buyers heading into summer.

Nationally, we’re seeing a similar trend—especially in markets that saw rapid appreciation and builder activity over the past four years.

New Listings by Month

New Listings were up just 2% year-over-year, a notable slowdown from the 15–20% YOY increases we saw earlier this year. This tapering helped keep months of supply under the 6-month threshold.

Months of Supply

Months of Supply came in at 5.33—up over 50% compared to last year. The increase is due primarily to softening buyer demand, as new listings have actually decreased slightly compared to recent months.

Homes Pending by Month

Median Monthly Payment (with 20% down at the average fixed mortgage rate) came in at $4,493 for May 2025. High payments continue to suppress activity in the sub-$1M segment. No major relief on rates is expected in 2025.

Financing Affordability

Pending Units were up 7% year-over-year—consistent with recent trends. As inventory builds, we expect this number to keep climbing, driven by increased availability and more sellers adjusting prices.