The Orlando Regional Realtor Association released statistics for the housing market in Orlando today. The good news is that the inventory did not increase for the first time in 2007 for the month of December. Of course it was the last month of the year but at least it stopped growing. It may just be that fewer homes came on the market in December and not because more homes are selling. The number of new contracts, pending contracts, and actual number of sales all declined approximately 50% from a year ago. If we can just get the number of sales up I think we’ll be OK. Hopefully the traditional peak season between the Spring and Summer will provide the boost we need. Lawrence Yun, chief economist at the National Association of Realtors, stated that we’ll have a recovery in the second half of the year. I hope he’s right but these numbers sure don’t support his prediction. At the very least, it’s a step in the right direction. We’ve gotta burn off this excess inventory somehow.
related post: Forecasts for Orlando Real Estate in 2008