local | Economy | Rural Economy Project

More Dreary News For Central Oregon Homeowners

OPB | Dec. 19, 2011 5:49 a.m. | Updated: Jan. 14, 2013 10:54 a.m. | Bend, OR

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There’s more dreary news for Central Oregon homeowners. Last month home prices in Bend reached their lowest level in 6 years. According to figures released by the Bend-based Bratton Appraisal Group, the price of a single-family home dropped to $166,000.

Real estate sign November, 2011, in Portland.

Rebecca Roberts Galloway / OPB

That’s a nearly 60 percent decline from May 2007, when the average single family residence was selling for $396,000.

Kathy Ragsdale is the CEO of the Central Oregon Association of Realtors. She says homeowners in Bend, like others around the country, are beginning to accept what she calls the “new normal.”

“I think people are readjusting their point of view about what the value of their property or their home is because it is so far down from 2007,” she said.

November was kinder to home owners in the Portland-metro area.

The median sale price in that market increased a little more than 3 percent compared with October.

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