The February RMLS Market Action report on the Portland real estate market came out this morning. When I ran the Multnomah Country report yesterday I said that I thought that inventory would remain fairly static as there is an increase in listings and an increase in activity. Note the importance of methodology: my report shows and increase in active listings while RMLS reports a decrease in new listings. My report was also more localized (Multnomah County only).
Today’s Market Action report:
“Comparing February 2010 with February 2009, closed sales increased 18.4%. Pending sales also jumped 45%, and new listings rose 12.4%.
When comparing February 2010 with the month prior, January 2009, closed sales grew a slight 2.9% (1,015 v. 986) and pending sales were up 20.5% (1,850 v. 1,535). New listings, on the other hand, dropped just 1% (3,902 v. 3,937).”
Both Case Shiller and RMLS put today’s home values at roughly June/July 2005 prices from their latest reports. Case Shiller’s latest report was released at the end of February for December.
We’ll know some time in April what Congress is or isn’t going to do with the Home Buyer Tax Credit. We have to operate under the assumption that it will expire on April 30th (must be under contract (accepted offer)) and closed by June 30th. It was extended November 7th- just 23 days before the prior expiration. April 30th is a Friday which bodes better than what would have been a fairly useless last week of November had it expired just days after Thanksgiving. There is very little to be found on the Internet even just talking about the subject of an extension. I still feel that the Credit has been a good thing for real estate but not the make or break for it.