Sale Prices and Buyer Demand are on the Rise, but There's Still Some Cause for Concern. Update on the NAR Settlement

  • The Average Sale Price rose by 3% compared to the previous week and landed 5.3% higher than last year at this time.
  • The Supply of Homes for buyers to choose from increased another 2% and landed 30% higher than last year at this time. Inventory may be loosening up as sellers get tired of waiting for the interest rate environment to change and decide to get on with their greater plans.
  • Buyer Demand remained strong. The number of purchase agreements signed by buyers and sellers rose 12% over the previous week.
  • Mortgage Rates inched down after the Fed board delivered a confident message this week, stating that they're still planning on 3 cuts to the Fed funds rate this year. The 30-year fixed dropped to 6.375% this week (best case scenario) with most lenders pushing 7%.
  • Lockbox opens (one of our measures of Serious Buyer Activity - buyers out looking at homes with their agents) is still on the rise, but lagging about 9% behind last year's level of activity on the Oregon side of the border. The Washington side saw an increase of about 18% in lockbox opens.

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