The Wall Street Journal reports that existing home sales were down in November. “Without a doubt, there are too many buyers in relation to the sellers,” said Lawrence Yun, NAR’s chief economist. “That is probably the main driver as to why the sales declined.”

I’m not sure this makes any sense—high demand would normally prompt more people to sell, wouldn’t it?—but put that aside. What you really need is some context. Here it is:

Yes, existing home sales were down slightly in November, but the general trend is nothing but upward in recent months: up 23 percent since the beginning of the year and up 14 percent since July. Does this mean that suddenly, on November 1, there were too many buyers? Nah. It just means there’s noise in the data series.

Plus, it turns out that home prices were down slightly in November, which suggests lower demand, not higher. But I’d venture to guess that’s just noise too.

For some reason, both reporters and their sources feel like they have to provide an explanation for everything that happens in the economy on a monthly, weekly, or even daily basis. This has been going on forever (“The stock market fell on news of an Elvis sighting in Paraguay”), and it’s ridiculous. If there’s a trend to report, fine. But a single blip is really unlikely to have much of a reason behind it. Everyone needs to stop pretending otherwise.

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate