Sales Volume Hits Winter Low
630 homes were sold in Portland in December, slightly down from 646 in November. The number of homes sold in the last month dropped due in part to the seasonal slowdown that occurs as we head into winter and also a continued drop in inventory.
Wild cards: Government shutdown was short enough that it didn’t affect the mortgage market. New lending rules could make Q1 in 2014 shaky. QE winding down will push interest rates higher.
I’m predicting around 650 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in January.
Sales volume is a leading indicator for price. To help predict where the market is going I publish this sales volume trend report. The wisdom is that price follows volume so when you see a market trending higher in sales, prices will soon follow up and when sales volume is low, prices will stay flat or fall.