Pending sales were up about 8.4 percent when compared to June 2008, the listing service reports. But home buyers are shopping for summer deals.
Closed sales increased from May to June by about 25 percent and pending sales were up 10 percent.
Keller Williams Realty attributes the uptick to a federal tax credit of up to $8,000 for first-time homebuyers and said signs of life in Portland’s real estate market were everywhere.
“While not quite up to last year’s numbers this is a good sign considering where we were at a few months ago … These are all factors moving the market closer to a balance again,” said Nick Krautter with Keller Williams.
Active listings typically rise during the summer months but remained unchanged from May to June of this year, another positive sign for the market. During the summers of 2007 and 2008 listings increased by double digit percentages, according to RMLS statistics.
Krautter predicted that Portland’s real estate market would peak for the year in July, then stay flat through year’s end.
Other realtors note that home sales fluctuate with the seasons and not to put too much stock in a month-over-month uptick at this time of year.
