Sales Volume Levels Out
911 homes were sold in Portland in August, down from 1009 in July. The number of homes has dipped since sales broke the 1,000 mark last month. Even though new listings are up almost 9% from last year, pending and closed sales are almost 20% higher. Prices have risen so quickly we’re seeing the market slow slightly as buyers get priced out of neighborhoods.
Wild cards: Possible war in Syria might affect interest rates and consumer confidence. Foreclosure activity is still high but banks are not listing homes for sale and eventually those homes will be putting pressure on the market.
I’m predicting around 800 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in September.