The Sun's out. Spring is in the Air, but are Buyers Showing Up to Portland's Real Estate Market?

  • The Average Sale Price rebounded a bit from last week's falter.  It's up 1% compared to the previous week and compared to last year at this time. Looking back over roughly the past 30 days, the average sale price is up about 1.9% compared to last year.  

  • The number of homes that were new to the market came in 6% higher than the previous week.  The number of purchase agreements agreed to by buyers and sellers was up 7%.  Both Supply and Demand are on the rise.
      
  • Mortgage Rates lost the downward momentum we were seeing about a week ago due to some hotter than expected inflation reports.  Rates rose from a low of 6.25% last week to a high of 6.625% for the 30-year fixed (best case scenario).  Most lenders are above 7%.  

  • Lockbox opens (one of our measures of Serious Buyer Activity - buyers out looking at homes with their agents) is on the rise, but still about 15% below the level of activity we were seeing last year on the Oregon side of the border and on par with last year's numbers on the Washington side. 

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