624 homes were sold in Portland in May, down from 642 in April. I had predicted 600 sales.
Wild cards: Mortgage interest rates remain stable. The rental market remains robust so expect investors to start buying up distressed properties in much greater numbers. Well priced new listings are selling quickly in the close-in market, helping to satisfy pent up buyer demand.
I’m predicting around 700 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in June. Seasonally speaking, average prices generally start to drop after the summer peak, bottoming out in winter; I expect investors to bolster the market through the winter. Yet, 2011 shows the market bottomed out in Fall and started to rise in Winter. It will be interesting to see if the positive trend continues into Summer.