Portland Housing Affordability 6-9-2022

Portland's housing affordability update for 6-9-2022:

As of June 9, 2022, the average 30-year fixed mortgage rate in the US climbed again to 5.23% from 2.96% last year. In Portland, the average single-family sales price for May, 2022, increased to $747,491 from $676,420 in May, 2021.

Even with rising interest rates and home prices Portland's real estate market remains strong, and the number of days on market (DOM) is historically low, as buyers compete for an accepted offer in the race against dwindling purchasing power. 

Whether you're considering buying or selling, we are here to help you best position yourself for success in this fast-moving market. Contact us to discuss your real estate related goals.

The calculation of the reduction in purchasing power shown above assumes a 5% down payment, uses the average 30-year fixed rate mortgage rates reported by Freddie Mac for the weeks shown, and uses the average single-family sales prices as reported by the Regional Multiple Listing Service (Portland, OR area MLS).  No taxes or insurance figures are included.  The change in purchasing power is a scenario showing the change in purchase price given that the monthly payment in the previous time period would be the same monthly  payment in the latter, with all else being held equal.  The figures used are for illustration purposes only to convey to readers the impact changing interest rates and real estate prices have had on buyers and sellers.  We are not mortgage lenders; this is not an offer to lend money.  Please contact your mortgage lender to obtain quotes and to discuss mortgage loan programs that might be a fit for your circumstances.