Home sales may have recovered strongly from the depths they plumbed in 2007 and 2008, but they are still anemic when compared to San Diego sales activity over the past couple of decades.
You wouldn’t know it from looking at a chart of historical home sales. The number of sales, indicated by the blue line in the following graph, has recently vaulted up to the upper part of the historical range:
But it’s not quite that simple. (Is it ever?)
The most recent month charted was July, which is typically one of the fastest-paced months for sales. And the spikes up and down in the chart make it pretty clear that seasonal swings in sales activity are pretty huge. So the most recent data point should be compared not to the overall range of the blue line’s ups and downs, but rather to the vicinity of the line’s annual peaks.