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Overview/Fluctuations ~ Market Data March 2021:
Low Inventory continues to be the driver of competition in the greater Portland area where we see price increases in most neighborhoods/areas from the prior month & all areas increasing over 2020. (See below for breakdown). Comparing 2021 to the same period in 2020 thru March, overall Average Price has increased 16.6% and Median price 14.9%.
Favorable jobs reports and other economic indicators are pushing rates up slightly. My trusted Mortgage Advisors say Mortgage rates are hovering around 3.125% today. This rate varies and can be reduced with a buy-down, or affected by individual qualifiers. I’m happy to connect you with someone to discuss your particular situation.
According to the RMLS Market Action Report for March 2021: