This chart is not seasonally adjusted, so it’s hard (impossible) to see month-to-month trends. But the annual trend is certainly dramatic. The crash starts in April 2006 and never looks back.
![16BA9E5A-BB68-4287-83F6-95BA399AEF20.jpg](http://pragmatos.net/wp-content/uploads/2008/09/16ba9e5a-bb68-4287-83f6-95ba399aef20.jpg)
Calculated Risk via Barry Ritholtz
Update: here’s a companion graph (on a much longer time scale) of real housing prices from Matthew Yglesias. Not surprisingly, the price crash starts just about when the volume starts to drop.
![E245DBF6-B432-42C4-8456-A24AA616FFF4.jpg](http://pragmatos.net/wp-content/uploads/2009/05/e245dbf6-b432-42c4-8456-a24aa616fff4.jpg)