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.

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