888 homes were sold in Portland in July, which is 29 more than June. Sales volume is picking up the pace and is now close to last years numbers. Watch for sales to increase and peak in August and September this year.
Wild cards: Increased numbers of new listings is translating quickly to more sales. As prices rise many buyers are getting priced out of the market.
I’m predicting around 900 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in August.
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