Home Equity Still Holding on in Portland

  • The Average Sale Price was down 1% compared to the previous week but still landed 3.2% Higher than Last Year at this time.  In our metro-wide market sample (Portland, SW Washington and all bedroom communities), the 1st half of March only saw a slight increase in year-over-year sale prices.  Up by 0.1%.  The 2nd half of March showed an increase of 4.1%.

  • The Supply of Homes for buyers to choose from decreased slightly for the first time in about 8 weeks.  This is likely due to the low number of homes listed for sale over Easter weekend.

  • Buyer Demand was down from the previous week but still outpaced last year's buyer activity. Lockbox opens (an indicator of high intent buyers) still lag behind last year's numbers.  It could be that we've got a smaller pool of potential buyers that won't sustain our market as long as last year.  However, we're comparing a holiday week to a non-holiday week last year.

  • Mortgage Rates rose to a best case scenario of 6.5% for the 30-year fixed - with most lenders probably around 7%.  This came on heels of strong employment reports and relatively flat inflation numbers for March.

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