Fall Sales Numbers Gobble Up Inventory
888 homes sold in Portland this October, which is 34 less than September. Home sales have cooled off a bit this month as the average and median prices hold just below all-time highs. Despite numbers being lower than Summer, this Fall will likely set a record for number of homes sold. This high volume will likely keep inventories very low.
Wild cards: As prices rise, more buyers are priced out of the market which could slow the pace of sales. Interest rates remain low. Inventory continues to drop due to strong buyer activity.
I’m predicting around 850 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in November.