Portland Real Estate News
Portland
Under Biden, 2024 Marked the Slowest U.S. Home Sales Period in 30 Years
In 2024, existing U.S. home sales fell to their lowest annual level since 1995, with just 4.06 million homes sold on an annualized basis. This steep decline was driven by 23-year high mortgage rates, extreme home price inflation, restrictive government regulations, declining consumer sentiment and a shortage of housing inventory.
Mortgage Rates in America Above 7 Percent, Again
Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.04 percent as of January 16, 2025.
U.S. Mortgage Rates Rise in Early 2025, Reach 6-Month High
Based on Freddie Mac's first Primary Mortgage Market Survey (PMMS) of 2025, the 30-year fixed-rate mortgage (FRM) averaged 6.91 percent as of January 2, 2025.
More Americans Opting for Renting Over Homeownership in 2024
According to new research by CBRE, the rising cost of homeownership is prompting more Americans to opt for renting. On average, monthly mortgage payments for new homes are currently 35% higher than apartment rents, creating a significant affordability gap.
