Portland's Real Estate Market Defies Expectations

  • Despite expected downward pressure on sale prices from April's high mortgage rates, the Average Sale Price in Portland was Up a Whopping 8% compared to the previous week, and landed almost 5.4% Higher than last year at this time.  That's a big swing from last week's numbers. 

  • Looking at the broader trend, Sale Prices so far for the Month of May are up 2.7% compared to the same timeframe last year.   

  • Mortgage rates sneaked back up to 6.75% for the 30-year fixed (best case scenario) by the end of the week.   

  • Buyer Demand was pretty Flat compared to last week's fairly respectable number.  We saw roughly the same number of purchase contracts agreed to by buyers and sellers.  Home Viewings (lockbox opens) by buyers continues to increase - up 8.6% compared to the previous week, but still lags behind the number of viewings we saw last year at this time - by about 12%..  

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