Positive Home Sales Trends in Q2 2009
US home sales (including single-family homes, apartments and condos) increased by 3.8% in the second quarter of 2009, after dropping 3.3% in the first quarter of 2009 and 5.3% in the fourth quarter of 2008. In particular, the seasonally adjusted annual rate of sales increased to 4,757,000 units in the second quarter from 4,583,000 units in the first quarter. However, total home sales were still 2.9% below the levels registered in the second quarter of 2008.
The region that registered the worst quarterly sales performance but the best by far annual performance was the West. The West was the only state that posted decreasing homes sales by 2.3% in the second quarter of 2009. However, on an annual basis home sales in the West posted an increase of 11.8%. This was due primarily to a large quarterly increase of 12.5% that took place in the third quarter of 2008. It should be noted that home sales in all other regions registered year-over-year declines ranging between 5.3% and 8.4% in the second quarter of 2009. Home sales in the Midwest and South registered quarterly increases of 3.2% and 3.9%, respectively. The widespread nature of positive home sales trends in the second quarter of 2009 is definitely encouraging. It is yet to be seen though whether this trend is sustainable.
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