US Real Estate Transactions Down 83% From Last Year
From The Real Deal:
Global real estate transaction volume has slowed significantly, dropping 67 percent year-over-year in the second quarter of this year, according to the June 2009 report on global capital trends from Real Capital Analytics. But the drop between the first and second quarters was only five percent, suggesting that the decline may have hit a plateau. For the Americas, the projected quarterly sales volume is $8 billion, an 83 percent decline year-over-year and a 6 percent drop from the first quarter. Within the U.S., distressed building sales were most common in Florida, California and Texas.
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Transaction volume isn’t even the best indicator of real estate strength (because most people will usually end up on both sides of a transaction meaning if they choose to move from their primary residence they’ll buy and sell in the market conditions – “transactions” are commonly affected on both the buy and sell side regardless of a strong or weak market unless you are dealing with strictly investment property). The worst numbers to look at are the new housing starts which are down across the board.
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