Portland Real Estate Seeing Stronger Buyer Demand and Sale Prices, but Rates are Back on the Rise

The Average Sale Price was up by 7.7% over last year at this time. That feels a little anomalous for the numbers we've been seeing recently and for the time of year. I'd still like to see a couple more weeks land this high before I call this a new trend.

The number for New Purchase Agreements was up by 16% over last year's numbers. That's now 4 of the last 5 weeks that we've seen higher buyer demand. That's a big turn from the norm in 2023, but I'd still like to see a couple more weeks of (non holiday) numbers like this before I get comfortable with this new trend.

Mortgage Rates Rose from 6.125% to 6.375% (best case scenario) for the 30-year fixed in just a couple days. Events on the stock market have been driving the yield on the 10-Year Treasury up and indicate that we might see more increases in mortgage rates - at least for now. It's a volatile mortgage market with big shifts from week-to-week.

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#Market_update #portland_metro #portland_home_update #portland_home_market

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