Put it in Perspective
A recent report from the National Association of Realtors recently came out stating that the existing housing sales had fallen in February by 9.6% after 3 months of increasing sales.
Real Estate like every industry is Cyclical even in mild/warm climates like Orlando. The beginning months of the year always start off a little slow and creep up from March through the Summer. So we have to take every statistic with a little perspective. Relative to the last 8 years of Orlando data from Orlando Regional Realtor Association, a drop in the early months is not uncommon.
This housing recovery is not going to happen overnight, I think we all know that by now. It will have peaks and valleys for years to come. The important thing is that people are still buying, sales are happening and inventory is declining. As housing affordability continues to be at historic levels and consumer confidence higher, we will slowly and cautiously proceed to stability.
Remember when you read a news headline, there are always other facts that play a part in this complex industry we call real estate. So the silver lining today is that sales may be down for February 2011; but up nationally 26.4% from the low in 2010 and up 5.68% in Orlando from February 2010. Slow and steady!