Blessed Words: “The Robust Housing Market Recovery Is Occurring”

The National Association of Realtors (NAR) reports that sales of single-family homes, townhomes, condos and co-ops are up a wee bit in April, which leads NAR Chief Economist  Lawrence Yun to say the following words, which bring tears to our eyes:

The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the 5-million unit pace.

So what to do about the lack of inventory? Build, build, build. It’s the only way.

• April Existing-Home Sales Up but Constrained [NAR]