Big Drop in AVG Sale Price in Portland Metro. Anomaly? More to Come? Rates Improve!
The Average Sale Price is Down 8% vs the Previous Week and Down 6.2% vs Last Year at this time. This number is out of line with the trend we've been watching so far this year. It's likely a bit of an anomaly due to the holiday week and a small sample of numbers. The next couple of weeks should tell.
The supply of homes to purchase continued to inch up - as it does this time of year, but the gap vs last year continues to widen. We now have 5.6% fewer homes on the open market vs last year at this time.
Interest rates improved with the relatively good CPI data we received on Tuesday. Last week's (best case) 7% for the 30-year fixed mortgage is this week's 6.375%. Most lenders are clocking in at around 7%.
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