By LEW SICHELMAN
November 16, 2014, 5:00 AM
That thesis is not exactly accurate: Millions of people will have purchased homes this year, perhaps not at breakneck speed, but they are buying. According to the National Assn. of Realtors, existing home sales jumped 2.4% in October to a seasonally adjusted annual rate of 5.17 million.
Sales are now at their highest pace of 2014 but still remain 1.7% below the 5.26-million-unit level from September a year ago.
NAR maintains that the recovery won’t reach its full potential until more builders get with the program. That’s not to say builders aren’t producing new houses; they are, but not at the number that’s needed to satisfy latent demand.