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20-Year High Mortgage Rates and Rising. Did That Finally Crack Portland Metro Real Estate?

Posted by Lauren Perreault on Monday, October 23, 2023 at 1:04 PM By Lauren Perreault / October 23, 2023 Comment

Residential interest rates ended last week at a 20 year high and are continuing to rise. The best case scenario for a 30-year fixed mortgage as of Thursday (10/19) came in at 7.75%, with most lenders in the mid-8% range.
The Average Sale Price rebounded up 5% from last week's unusually low number. Compared to Last Year at this Time, the average came in 2.4% Higher. For now it looks like last week's low number was more of an anomaly than the start of a new trend.
The number of New Purchase Agreements was relatively unchanged from the previous week, but was about 17% Lower than the same time Last Year. The number of Homes Newly Listed for Sale was Down by 14% from the Previous Week and Down 19.5% from Last Year.
On average, sellers had to Discount about 4% Off of their Original Asking Price in order to secure the successful sale of a home. This number does not include seller provided credits or any agreed to repairs.