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

  • 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.  

Post a Comment