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

Posted by Lauren Perreault on Tuesday, July 11, 2023 at 1:29:43 PM By Lauren Perreault / July 11, 2023 Comment

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.