Sales Volume Hits New High
1,009 homes were sold in Portland in July, up from 880 in June. This is the first time in the last 12 months we’ve seen sales break the 1,000 mark. Even though new listings are up almost 9% from last year, pending and closed sales are almost 20% higher. This imbalance is keeping inventory very low and continuing to drive prices up.
Wild cards: Government talks of shutting down Fannie and Freddie. Interest rates have been volatile and another increase will take more buyers out of the market.
I’m predicting around 1,100 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in August.