Sales Again Set 12-Month High
894 homes were sold in Portland in June, up from 818 in June. This number represents a 12 month high in sales volume and is further proof that the market has bottomed and is on the rise. After 6 months of low inventory and high sales volume we’re also seeing price appreciation again and I expect this to fuel more sales. Interest rates are also at historic lows, pushing affordability even higher.
Wild cards: Multiple offers are back with inventory at a 5-year low.
I’m predicting around 1000 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in July. Seasonally speaking, average prices generally start to drop after the summer peak, bottoming out in 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.