The N.A.R. reported today that pendings dropped 1% month-over-month, but as been the case lately, Yunnie is broadcasting the least-alarming data. In the graphic above, you can see that the year-over-year drops were much larger – particularly in the west.
In this video, he explains that ‘unaffordability’ is the problem in the west, and we need to build more homes:
Their graph below shows how pendings usually go up from January to February, except for this year – which Yunnie shrugged off to a big gain last month:
Both Yunnie and the chief economist for First American say that we have supply shortage, but that isn’t true around here.
We have about 12% more NSDCC houses for sale today than at the end of March last year, and 7% fewer pendings.
What we should be hearing is that the struggle to sell is real, and being sharper on price and/or getting homes in better condition are the keys.