More than 76,000 home sales took place in Montana since Jan 1, 2003. The year 2005 was the peak year for sales, with 16,179 transactions taking place, but this was only slightly higher than the 2004 and 2006 sales levels. In calendar year 2007, sales dropped by more than 20%. The available 2008 year-to-date data show further declines. Total sales volume in Montana was more than $14 billion from 2003 to 2007, with sales in eight counties representing more than 80% of the total dollars spent in home purchases. Forecasting sales for 2009 is a daunting task. A time-series analysis of 2003 to 2008 data suggests a 25% or larger decrease in total 2008 home sales, with approximately 8,950 transactions, and an additional 5% decline in 2009. Important factors of this forecast include an estimated 50% decline in new home sales and continued weakness in the overall economy.