Despite a slight dip in the price of a single family home in Bend in July, 30% of the homes that sold were more than $1 million dollars, according to a monthly housing report.

The median sales price for a single-family home in Bend in July was $749,000, down $26,000 from the month prior, according to the report prepared by the Beacon Appraisal Group LLC of Redmond. Since February, the median sales price of a single-family home in Bend has hovered above $700,000.

In all it’s taking about 25 days to sell a home in Bend, up from 15 days in June, according to the report.

There is about a four-month supply of homes for sale in Bend. That represents a more balanced market for both buyers and sellers, said Donnie Montagner, Beacon Appraisal Group owner. In 2020 and 2021 the amount of homes on the market shrunk to below a month’s worth of inventory, he said.

Similarly the higher the price the bigger the inventory. There’s a 13-month supply of homes for sale with a price tag of more than $1.8 million, compared to a six-month inventory for homes in the $1.2 million to $1.4 million price range, he said.

”It’s not unusual for this time of year to have lower price points and inventory down to about a two- or three-month supply,” Montagner said. “We’ve been on a course toward a balanced market for some time.”

In Redmond, the median sales price of a single-family home in July was $528,000 down a tad from $534,000 in June, according to the report.

On average, it took about 22 days to sell a home in July in Redmond, according to the report. Currently it would take about 3.6 months to sell all the homes on the market, about the same as the month prior, according to the report.

The monthly Beacon Report uses the median sales price to measure the midpoint value of all transactions in a month.

In Sisters the median sales price of a single-family home in July was $768,000, down $63,000 from the month prior. There is a five-month supply of homes on the market.

The same amount of inventory existed in Sunriver, as well. The median sales price of a single-family home in Sunriver dropped to $813,000 in July, compared to $1.05 million in June, according to the report.

In La Pine, the median sales price of a single-family home rose $23,000 from the month prior to $390,000 in July, according to the report. Inventory levels remain at seven months.