390 homes were sold in Portland in January, down from 593 in December. I had predicted 400 with the normal sales slow down of the holiday season. This January is just slightly better than 2009’s.
Wild cards: Tax credit has been extended to April 30th 2010 and new move up buyer tax credit added. Foreclosures are still going up in Oregon.
I’m predicting around 425 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in February. Watch for a large increase in new homes on the market in March and rising activity through the Spring.
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.