Loan Delays Cool Sales
887 homes sold in Portland this July, which is 78 less than June. Pending sales are pointing to a strong market late this summer. Many sales slated to close in July have been delayed by a slower lending process and will close in August. The market is still favoring sellers and promises to keep inventory low even before the summer rush.
Wild cards: As prices rise, more buyers are priced out of the market which could slow the pace of sales. Interest rates have dropped close to all time lows. Out of state investment continues to push prices and rents higher and keep inventory low.
I’m predicting around 1000 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in August.