Big Jump in Pending Sales
907 homes sold in Portland this August, which is 20 more than July. Pending sales are pointing to a strong market late this summer. Many sales slated to close in August have been delayed by a slower lending process and will close in September. The market is still favoring sellers and promises to keep inventory low after 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 September.
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.