Mortgage Rates and the price of Mortgaged-Backed Securities had another rough weak as we are in the worst position we have seen since October 2023. Rates are up approximately 1% from this time last year. The conflict in Iran and oil inflation continues to be in the driver’s seat.
New Home Sales the Census released their New Residential Sales Report which showed that signed contracts in the month of August rose 6.4%. Year over year new home sales are down 2%. The median sales price for new homes is at $394,000 down 6% year over year.
Home Values ICE released their Home Price Insights for September which showed home values were flat month over month and are up 1.41% year over year (a minor decelerationof 1.53% from last month). Interestingly Seattle home prices are down the most of any city, losing 3.1% year over year. Portland came in relatively flat at -0.2% year over year.
Mortgage Applications to purchase homes fell 1% last week and are down 11% year over year. Refinances declined 3% and are down 62% year over year.
Oil Prices fell to 92.44 down about 9% from last week.
We bought a building in downtown Salem and are doing a 3 story commercial remodel. We have a 2 committed triple net tenants (a cafe and acupuncturist) and are building out an amenity rich Co-Work Space in the remaining 8,500 sqft. It will feature 20 private offices, community desks, an event space, commissary kitchen, podcast studio, sauna, and storage. If you are interested in joining our investment club Let’s chat!