Some Good and Some Bad News for Portland Metro Real Estate. A Surprise with Buyer Demand as Rates Sit Tight for Now

Posted by Lauren Perreault on Wednesday, November 15, 2023 at 12:51 PM By Lauren Perreault / November 15, 2023 Comment

The Average Sale Price is Down by a whopping 6% from last week's anomalously high number, We were expecting that. However, even with that drop, the average sale price was still 2.6% Higher than Last Year at this time.

Buyer demand is proving resilient despite seasonal slowing and high mortgage rates. The number of New Purchase Agreements came in 10% Higher than the previous week. Lockbox Opens (our other measure of buyer demand) were once again Higher than they were last year at this time - up by 5.8%.

Mortgage Rates continued to hold. As of Thursday morning (November 9th), the 30-year fixed came in at 7% - best case scenario. The yield on the 10-year treasury (one of our best indicators of where mortgage rates are headed) experienced some ups and some downs - not giving us much help figuring where rates are headed.

On average sellers had to Discount almost 7.5% off their original asking price to secure a successful sale of their property. That's the biggest discount we've seen since January of this year and up from the 3-4% discounts we'd seen the previous 4 weeks.