I think some of the criticism here is misplaced. Not to defend David, but his job as an employee of the NAR is to do what is best for the NAR- not what is best for you and me. Stirring up sales are his job. You can complain about it until the cows come home, but the man is just doing what he is paid to do. The blame should be placed with the journalists who parrot him without conducting the slightest bit of their own analysis. Journalists are paid to dig to the bottom, which they failed to do.
In regards to RE being a last choice career, I would strongly disagree. My brother quit teaching high school to become a Realtor, and he would never go back, even in a slow market. He loves the freedom it gives him (and the money is about 5 times what he was making as a teacher). I think the hostility toward Realtors is born out of a seed of jealousy- we see them making bucks faster than most of us ever will, and we resent that they do it with minimal education.
That article describes the amount of savings people have set aside for retirement, not the down payment on a home.
Still, I think your overall point that most people don’t have that kind of cash laying around is valid.