Sales Cool in November
736 homes sold in Portland this November, which is 152 less than October. Home sales have cooled off a bit this month as the average and median prices hold just below all-time highs. Despite numbers being lower than Summer, this Fall will likely set a record for number of homes sold. This high volume will likely keep inventories very low.
Wild cards: As prices rise, more buyers are priced out of the market which could slow the pace of sales. Interest rates remain low. Inventory continues to drop due to strong buyer activity.
I’m predicting around 700 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in December.