Mixed Signals in Portland Metro Real Estate. Feels Like We're on a Precipice.

The Average Sale Price was Down 0.3% vs Last Year at this time.  The January year-over-year numbers for our sample of homes (the full metro area plus SW Washington) was up by about 3.4% over 2023.  However, the two most recent weeks have been pretty flat.  So, February isn't off to a strong start.  
The supply of homes for buyers to choose from fell by 3% from the previous week, but ended about 19% higher than last year at this time.  That gap continues to grow.  
On the other hand, the number of contracts signed by buyers and sellers outpaced the number of homes that entered the for sale market for about the 5th week straight.  
Mortgage Rates Rose to 6.5% (best case scenario) for the 30-year fixed mortgage this week.  Most lenders are at 7% or higher.  The yield on the 10-year treasury continues to inch up, indicating the mortgage rates may follow. 

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