3 Weeks of High Mortgage Rates & Signs of Pressure on Portland Real Estate Sale Prices

  • The Average Sale Price was down a dramatic 6% compared to the previous week but still ended up just a hair higher than last year at this time - less than 0.1% Higher than Last Year at this time.

  • Mortgage Rates hit a high for the year.  The most competitive rate I could find is 7% for the 30-Year Fixed.  Most lenders are priced from about 7.5% up to 8%.  Expect some downward pressure on sale prices and buyer demand if rates remain elevated.

  • We continue to see More Homes Hitting the Market than last year at this time - about 30% More this past week.  Buyer Demand remained relatively steady - pretty much matching last year with the number of new purchase agreements agreed to buy buyers and sellers.  The number of Lockbox Opens (our best measure of high intent buyers looking at homes with their agents) was Down About 7% compared to last year.

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