A Rough Couple Weeks for Mortgage Rates. Is Portland Real Estate Feeling the Squeeze Yet?

  • The Average Sale price rose 1% compared to the previous week and ended up 4.3% Higher than Last Year at this time for a 2nd week of strong sale prices.  I'm expecting some downward pressure on prices given our current, higher mortgage rates. 

  • The inventory of homes continues to inch up.  Currently buyers have about 40% more homes to look at than last year's pretty modest number.

  • The number of new purchase agreements agreed to by buyers and sellers rallied up about 18% over the previous week

  • Mortgage Rates rose again and landed at a best case scenario of 6.875% for the 30-year fixed - with most lenders 7.5% and higher.  

  • On average, sellers had to discount about 1.7% off of their original asking price in order to receive an acceptable offer, and it took an average of 46 days for that offer to show up.  The median number of "days on market" is currently 12 (one day higher than last year), meaning half the homes sold in 12 days or less and the other half sold in 12 days or more.

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