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Portland's Average Sale Price is More Than 8% Below Last Year for 3rd Week in a Row. But Buyer Demand Kicks Up.

Posted by Lauren Perreault on Thursday, January 26, 2023 at 8:52 AM By Lauren Perreault / January 26, 2023 Comment

The weekly average sale price in the full metro area (including SW Washington) has been moderating but stubbornly low with -12.8%, -9.2% and -8% (last week) for the past 3 weeks, respectively.
Buyer Demand is on the rise with the highest number of new pending sales we've seen in about 3 months. Interest rates are still hovering around 5.75% or 5.875% for the 30 year fixed for almost 3 weeks now.
Inventory continues to slide but should bottom out soon with new listings coming to the market for the Spring Buying Season. The total number of pending transactions is up for the 3rd week straight - an increase of about 23%.