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Strange Stats in Portland Metro Real Estate this Week. Mortgage Rates Start to Slide with More to Come?

Posted by Lauren Perreault on Monday, November 6, 2023 at 1:17:38 PM By Lauren Perreault / November 6, 2023 Comment

The Average Sale Price Surged Up by a whopping 7% from last week's number, ending 6.6% Higher than Last Year at this time. This number is markedly out of line with the numbers we've been seeing recently. So, expect some moderation next week.
The number of New Purchase Agreements came in Slightly Higher than last week's modest number but remained Down about 13.7% vs the same time last year.
Mortgage Rates ended last week in the range of 7.75% to 8.5% for the 30-year fixed. However, this week the 10-year treasury started to recede, bringing rates as low as 7.0% on Friday morning (best case scenario), with the possibility of more reductions to come.