Sorry, but I just don’t see how the one number flattening can be considered indicative of anything.
This is another example of the folly of comparing the two datasets against each other as if they’re the same. They aren’t.
The gross number of all sellers is more or less stable, but the number of compelled-to-sell is increasing every month. The sellers who have left are those discretionary sellers who weren’t selling anything last year anyway.
This is happening against the backdrop of a declining rate of sales. If anything, the current supply/demand dynamic looks a lot worse now than it did last year.
What you’re looking for is an increase in the number of buyers against an equally decreasing number of sellers. Even when that happens it’s going to take a while. This aircraft carrier is not going to turn on a dime.
