Sale Prices Starting to Slip in Portland

  • The Average Sale Price was Down 5% compared to the previous week, and landed almost 4% Lower than last year at this time.  This feels like the result of rising interest rates in April, and we may see a couple more weeks of weaker sale price numbers as we complete the home sales that were started in April.  .  

  • Mortgage rates inched down to 6.375% (best case scenario) after some positive inflation reports earlier this week.  The yield on the 10-Year Treasury started to crawl higher toward the end of the week and mortgage rates followed suit - Ending the Week at about 6.5%.

  • Buyer Demand was down from last week's high, but we still ended up with a pretty respectable number of new purchase contracts agreed to by buyers and sellers.  In fact, this year's demand numbers are back to outpacing last year's numbers - now for the 2nd week straight.

  • The number of foreclosures on the open market has continued to moderate from the high we saw a couple weeks ago.  The number of Notices of Default (the first step in the foreclosure process) have remained pretty modest, week-after-week. 

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