Mortgage Rates Fire Back Up. Will Portland's Real Estate Market Fizzle or Flex?

  • The Average Sale Price was Up 6% compared to the previous week and still landed 5.2% Higher than Last Year at this time.  This leap feels a little a-typical for what we've been seeing.  So I expect some moderation in next week's numbers.

  • The number of homes new to the 'For Sale' market increased by a whopping 74% from the previous week.  However, I was expecting to see a big number coming off the week of Easter and an unusually low number of homes hitting the market.  I expect this number will drop back to the trendline next week.

  • The number of new purchase agreements agreed to by buyers and sellers (one measure of Buyer Demand) was Down from the previous week for the 2nd week in a row, but still managed to outpace last year's number.  I've had some concern about persistently low numbers of  Lockbox Opens (an indicator of high intent buyers out with their agents), but those numbers finally Surged and overtook last year's number. I'd like to see a couple more weeks of stronger numbers before I put my concerns to rest.

  • Mortgage Rates rose to a best case scenario of 6.75% for the 30-year fixed - with most lenders well into the 7% range.  This came on heels of strong employment reports and some hotter-than-expected inflation numbers for March.  Some more recent inflation numbers this week showed improvement.  So, rates may start to moderate as a result.

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