The Bifurcation of Portland Metro's Real Estate Market Continues
The Average Sale PriceRose 2% vs the previous week and landed 2.7% Higher than the same time last year. The Median was 3.3% Higher than last year at this time.
Supply and Demand - The number of lockbox opens was 3.3% higher than last year at this time - showing more buyer activity this year with 5.6% fewer homes to choose from. However, the number of new deals was only 605, compared to last year's 764. Affordability looks like the main hurdle, with most lenders offering interest rates in the 7% range compared to last August's average of 5.22% for the 30-year fixed.
Distressed Properties remained Minimal with only 55 bank owned and 25 pre-foreclosure (short sale) homes on the market out of more than 8500 active and pending homes on the market.
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