High Interest Rates? Portland's Real Estate Market Doesn't Care...!

  • The Average Sale Price is back positive territory vs last year, and hit the highest number we've seen so far this year.
  • For the first time in 15 months, the supply of homes for buyers to purchase dipped below last year's number (by 2%).  Just 6 months ago, our supply was more than double the previous year.  
  • Regarding Demand, the number of New Transactions remained pretty much unchanged as lockbox opens (another measure of buyer activity) soared 16.6% over last year's number.
  • Interest rates hit 7% this week (on the low end) with most lenders offering 7.5% or more for the 30-year fixed mortgage.  The next couple weeks should show us if this will be a shock to our market.  

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