Portland’s September housing numbers look surprisingly resilient but mortgage rates could change the story. Homes are also taking longer to sell. Average days on market increased from 56 days to 62. But here’s where it gets interesting. The median sale price actually increased slightly.

Mortgage Rates rose over 83 Basis Points in just over a month. On a $500,000 Mortgage that’s $40,000 in Purchasing Power that just disappeared. That’s going to impact pricing moving forward.

Mortgage rates have moved sharply higher over the past month and the impact on homebuyers is bigger than the change in the rate might suggest. For buyers, that translates directly into higher monthly payments and reduced purchasing power. For sellers, it means the pool of buyers who can afford their home or who perceive their home as a good value, may have changed dramatically in only a matter of weeks.