X Marks the Spot

Here's the latest from MAAR:

"X" marks the spot on your typical pirate treasure map, but it can also
be an intrepid signifier of a changing market. This edition of the MAAR
Weekly Market Activity Report shows off a big, bold, red "X" on our
"Last Three Months Inventory for Sale" graph (page 4). The diverging
trend lines are a marked indicator that the supply of homes has been
held at bay relative to recent years for the past several months. For the
week ending May 10, the number of new listings was 15.5 percent
behind last year. With new listings still sluggish, expect this trend to
continue.
Pending sales were down 5.3 percent compared to a year ago. Yes,
weekly pending sales are still battling to surpass last year's numbers,
but we hope to mark an uplifting "X" on our "Last Three Months
Weekly Pending Sales" (page 3) treasure map later this year.