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High Rates + the Typical Seasonal Slow-Down. A Recipe for Disaster in Portland Metro Real Estate?

Posted by Lauren Perreault on Monday, October 30, 2023 at 2:40:32 PM By Lauren Perreault / October 30, 2023 Comment

The Average Sale Price Fell by about 3% from last week's number, but still managed to remain 0.3% Higher than Last Year's Number. For now, we seem to be following last year's seasonal trends.
The number of New Purchase Agreements came in at 431 - Down about 10% from the previous week. Last year at this time, that number was 529. This year's lower number is likely the result of both low inventory and high interest rates.
Mortgage Rates this last week ranged from about 7.75% to 8.5%, depending on the lender. With this week's Volatility on the Treasury Market, expect mortgage rates to remain in this range - at least for now.
A few weeks back, we saw a slight Uptick in the Notices of Default, the first step in the foreclosure process. That uptick didn't last. This Past Week we Only saw 6 Notices of Default, far fewer than the already low numbers we've been seeing this year.