Sales Volume Still Lagging
705 homes were sold in Portland in April, up 592 from March. Low inventory is keeping the number of homes changing hands below typical volume for this time of year.
Wild cards: Many buyers are fatigued by low inventory and are waiting for the market to cool down. As prices rise many buyers are getting priced out of the market.
I’m predicting around 750 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in May.
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.