Homes sales drop 38%

By Oregon Small Business Association Foundation

Home sales in Portland are dropping as mortgage rates soared to 7 percent, the highest rate on a 30-year fixed loan since 2022, according to the Portland Business Journal. Home sales in the metro area dropped 38 percent in October from the same month in 2021, and pending sales decreased by 42 percent, while new listings are 22 percent lower than a year earlier. Inventory has grown to two months’ worth in the city, up from less than a month during the hot real estate market last year. During the Covid-19 pandemic, interest rates fell to less than 3 percent, spurring interest from home buyers who pay less to borrow money. The median sale price in October increased 4 percent to $537,000, the newspaper reported.

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