Portland Real Estate Market Update: Buyer Demand Surges as May Sale Prices Climb

The Average Sale Price was Down 5% compared to the previous week's high, and landed roughly 2.1% Higher than last year at this time.  My preliminary measure of May's average sale price for my metrowide sample of real estate sales (Portland, SW Washington and all bedroom communities) showed an Increase of about 3.9% in sale prices from 2023 to 2024.  I won't have the final number until next week.   
Mortgages ended the week at 6.625% (note rate) for the 30-year fixed (best case scenario).  The 10-year treasury started to inch down on the tails of an inflation report (PCE) this week that met with most market expectations.  Mortgage rates follow suit.  
Buyer Demand was relatively strong with the number of purchase contracts agreed to by buyers and sellers coming in 10% Higher than the previous week and 11% Higher than last year at this time.  Home Viewings (lockbox opens) outpaced last year's number, but only by a mere 0.4%.  However, that's the first time in a couple months that 2024 has outpaced 2023. 

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