677 homes were sold in Portland in September, down from 723 in August. I had predicted 750 and I’m starting to see the normal sales slow down that happens in the Fall and Winter.
Wild cards: FHA increases minimum down payment to 5% in 2010, First time buyer tax credit extended for service people, will it be extended for everyone? My bet is NO. Foreclosures are still going up nationally and in Oregon.
I’m predicting around 575 closed sales in Portland (areas 141, 142, 143 & 148) in October. This is a bit less than year’s numbers so pricing will likely fall through the Winter. Investors will begin to emerge as a major part of the market this Fall and Winter.
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. PORTLAND sales volume 101509 pdf