Summer Doldrums Keep Sales Flat
965 homes sold in Portland this June, which is 1 more than May. Sales volume is trending up into summer as I’d expect but what is really shocking is the sharp increase in average price which in the Portland area is over $450,000. Pending sales are pointing to a strong market this summer. The market is still favoring sellers and promises to keep inventory low even before the summer rush.
Wild cards: As prices rise, more buyers are priced out of the market which could slow the pace of sales. Interest rates have dropped close to all time lows. Out of state investment continues to push prices and rents higher and keep inventory low.
I’m predicting around 1050 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in July.