647 homes were sold in Portland in July, down from 689 in June. I had predicted 700 sales.
Wild cards: Multiple offers are back with inventory at a 4 year low. Fears of the debt ceiling may be motivating buyers to lock in 30 year loans at very low interest rates over fears of a Fannie and Freddie over haul. 2011 looks to be the first year in the last 3 years to have a typical sales peak in Summer. Buyers that need to close before the start of school will drive sales in the middle of the market.
I’m predicting around 550 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in August. 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.