Published May 1, 2026

May 2026 Market Report

Written by Ryan McGlone

Thoughts for Sellers

It is now time to price aggressively. You NEED to be under the last comparable closed price out of the gate, and better priced than the two closest active comps, or you are not going to sell. Gone are the days of testing the market. We are declining and need to price accordingly. The good news for sellers.... Listing volumes were soft, and if this continues much longer, prices will be pushed up. Even though prices are down roughly 15% year over year, we are still near all-time highs. Remember that pricing and value really only matter to those who are either completely exiting the RE market or significantly downsizing. If you sell now, you will get less for your home, but you will also pay less for the next one.

Thoughts for Buyers

Now is the time to strike! This is the best affordability we've seen since the spring of 2022. If someone buys a median sales-priced home, puts 20% down, and finances it today, their principal and interest payment will be roughly $1400 LESS than someone who bought last April. When it comes to borrowing, this puts us back to the monthly payment levels of spring 2022! This opportunity may not last long.

Median Sales Price

Bend’s Median Home Sales Price came in down 13% year over year, posting the second double-digit decline in a row, which is also the second double-digit decline we've seen in nearly 13 years. Bend's average sales price also came in by roughly 8% for the second month in a row. We are entering a 3.5-year streak with 30-year mortgage rates hovering over 6%, and buyer fatigue has set in. Even though our months of inventory continue to remain incredibly low, high rates, concerns about the domestic economy, and geopolitical conflict are all growing reasons buyers are backing off. Looking forward, there are some signs that this double-digit decline might pull back. Listing volumes came in considerably, and the median sales price of pending homes in April is looking strong. Both could lead to stronger sales.

New Listings by Month

New Listings declined 10% year over year, after 2 months of YOY increases in new listing activity. This may be a new trend as more agents and sellers try to beat the surge to the market and list early spring. It also may reflect declining prices, which often leads to less motivation from would-be sellers.

Months of Supply

Months of supply came in down year over year, posting the 4th month of declines. A healthy portion of this month’s decline is related to the 10% reduction in listing inventory. Even with the year-over-year decline, we will most likely eclipse 5 months of inventory by the time we hit our higher volume summer months.

Homes Pending by Month

Pending home sales were up 10% year over year posting their highest level in April in the past 4 years. One could argue that this is related to the recent decrease in prices year over year. Buyers know that there are deals to be had and taking the opportunity to capitalize on them.

Financing Affordability

Due to the decrease in the median sales price for a home in Bend, our affordability metric illustrates that now is the best time to buy since May of 2022! With rates near 6.3%, and Bend’s median sales price hovering at 700K, the average borrower at 20% down on a median-priced home is spending roughly $1,400/month more than a year ago!