Factoids

The Housing Market through the Recession to Today: Index Growth of New Home Sales, Existing Home Sales, and Furniture Sales 2007 to 2014

October 16, 2015  by in General   

This is the final factoid in a series of five factoids detailing the Housing Market’s recovery from the Recession and the potential for growth in both the Housing and Furniture Industries.

As the Housing Market took a nosedive during the Recession, Furniture Sales suffered greatly and both industries are working their way back to pre-recession levels. Furniture Sales hit bottom in 2009 – dropping 17.4 percent from 2007. Although growing 18.1 percent from 2009 to 2014, sales are still 2.5 percent shy of 2007 total sales.

Existing Home Sales are back to pre-recession levels – up 1.9 percent from 2007. New Home Sales are taking longer to recover – down 33.4 percent, most likely due to low inventory and cautious homebuilders. As Millennials age out of their late teens and early 20’s (renting years) and pour into their 30’s (home buying years) over the next decade, a need for new homes will grow alongside a need for new furniture.

Source: U.S. Census Bureau

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