Home Sales Trend Further Downward
One way to get a perspective on the enormity of the swing that our housing market has made is to look at the home sales data in a graph of trend lines. In the graph above, the yellow “dots” are the actual number of sales each month, while the lines show the average sales trend for 1 year, 5 years, and 10 years. All three trends are falling, but I think the points on the graph are just as illuminating. Note how August of 2005 saw nearly 1,000 homes sold in a month, while January of this year saw just above 100. The current trend of pending home sales in Tallahassee suggests that we might establish a new low again in the next 6 months. The fact that we are selling fewer homes than we were in 1991 (or any time thereafter) is even more unsettling when you figure how much larger our population is now than it was 20 years ago.