Are High Mortgage Rates Finally Punishing the Portland Real Estate Market?

  • The Average Sale Price was up by 3% compared to the previous week.  For the 3rd weed straight, however, we're seeing weakening numbers compared to last year's sale prices - Down 0.7% this past week.  

  • After a weaker-than-expected April jobs report and softer-than-expected remarks from Chairman Powell this week, mortgage rates dropped from their 2024 high of 7% Down to 6.625% by the end of the week.  That's the best case scenario for the 30-year fixed.  

  • Inventory continues to rise.  Buyers now have about 44% more homes to choose from compared to last year's (somewhat meager) supply of homes to purchase.  

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