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Portland-area home sales jump in February amid mortgage rate spike

Oregonian

Elliot Njus | Oregonian

Home sales took off in the Portland area last month, perhaps as buyers tried to get ahead of rising mortgage rates.

But signs point to another summer slog for buyers, with few options on the market and prices continuing to climb. Bidding wars remain common, particularly on homes within reach for first-time homebuyers.

…Bidding wars are breaking out on homes in central Portland and in Beaverton, said where buyers are seeking affordability in the region’s largest city, said Michelle Maida, a managing principal broker with John L. Scott Real Estate.

“It’s going to be tough to buy houses in the sweet spot” of $300,000 to $500,000, Maida said. “First time buyers have to have a decent down payment, but they’re competing against cash. They’re competing against investors.”

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