Sales Volume Drops Sharply
702 homes were sold in Portland in September, down from 1015 in August. The number of homes sold in the last month dropped sharply due in part to rising interest rates occurring during the normal seasonal slowdown.
Wild cards: Government shutdown affects government insured and funded loans like USDA. Conventional loans are affected by IRS tax reporting verification. Hopefully we’re up and running again soon!
I’m predicting around 600 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in October.
2020 was a rough year with the pandemic, social unrest, and the closure of many restaurants and retail businesses. Nowhere was the impact more acute than in downtown urban areas across the country. Read the full luxury condo report here to view the pre and post...