The number was based on sales as reported by DataQuick. Sales were so low in Sept 2007 that it was a fairly easy number to beat. Also, Sept 08 sales were higher than August ’08, so there was some relative strength in the number of sales. This was driven by lower priced homes and foreclosures.
We may have seen the bottom in sales, but remember it takes a couple years of sustained changes in sales to start impacting price. Remember, sales peaked in 2003 or so and prices didn’t start dropping noticeably until late 2005.
In the early-mid 1990’s slump sales bottomed somewhere around 1993, but prices didn’t pick up until 1996 or later in some areas.
So, even if Fall 2007 was the bottom in sales, there is plenty of must-sell and want to sell inventory in the pipeline that one doesn’t need to worry about missing the upswing for at least a year or two.
