We're in a "Bizarre Market"...Thoughts on a Recent Article

[Walter Key]

National Association of Realtors Chief Economist Lawrence Yun recently wrote an article stating that we're in a "Bizarre Market" in which he stated "With a strong economy and the lowest unemployment rate since 2000, more Americans are in the market to buy a home yet sales are stagnant. Existing home sales are down about 1 percent year over year." He went on to discuss how the average days on the market are only about 26 which is well under historical norms. I have personally seen SUB 1-week in both the Central VA and Omaha markets on some properties in the last several weeks.

His solution is new home construction in a variety of housing types to address the inventory shortage. While I think that certainly has merit, I was just wondering what everyone else was thinking of the current market, bizarre or otherwise, and what you feel is a good move to solve the problem. Is it a "problem" or is it a "new normal" for a while? What are your thoughts?

-Walt