It’s the same problem they have been describing (and we have been pointing out) for years now. The level of resales is stuck, so it must be an inventory problem. The NAR, or any Economists for that matter, never describe why it may be that home owners have grown so reluctant to sell in the first place……If the labor market were truly all that, then why aren’t people selling their houses and trading up? The primary clue comes at the end of the second sentence; “strong gains” being used to describe 200k per month.
