As we head into the new year and almost 24 months of the pandemic, the search for a new normal remains elusive. Market conditions continue to be volatile, with uncertainty about how quickly the Omicron variant will cycle through our region, sustained high inflation rates, and the stock market looking to recover from a 10% drop. Despite some economic headwinds, the jobs recovery remains steady and in December the Bend- Redmond MSA passed an important threshold- it has recovered all the jobs lost early in the pandemic.

This region has outperformed the state in terms of jobs recovery; statewide, Oregon is down 2.7% from pre-pandemic job levels, and is not expected to recover all of the jobs lost until mid-2023. Income growth, the jobs recovery, demand for second and vaction homes, and strong in-migration into the region continue to furl strong demand for housing. The past year saw some of the largest- if not the largest- home price appreciation on record. What is in store for 2022?

See the COAR Quarterly Summary Here.