NEW YORK (PNN) - April 22, 2014 - Another month, another drop in existing home sales, which in March declined once again from 4.60 million units to 4.59 million. While the good news was that this number did beat the consensus estimate of 4.56 million, the bad news was that once again, a near majority of the upside was once again due to investors and other all-cash buyers, who accounted for 50% of all sales. That means this was the worst existing home sales number since July 2012.

Lawrence Yun, National Association of Realtors chief economist, said that current sales activity is underperforming by historical standards. “There really should be stronger levels of home sales given our population growth,” he said. “In contrast, price growth is rising faster than historical norms because of inventory shortages.”

Yun expects some improvement in the months ahead. “With ongoing job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly.”

But only if it doesn't snow, or rain, and certainly not if it is windy or the sun is shining just the wrong shade of strong. Remember, in an artificial, centrally-planned economy represented by a rigged market, the phrase priced to perfection takes on a whole new meaning.

Single-family home sales were unchanged at a seasonally adjusted annual rate of 4.04 million in March, the same as February, but are 7.3% below the 4.36 million pace a year ago. The median existing single-family home price was $198,200 in March, which is 7.4% above March 2013.

Existing condominium and co-op sales declined 1.8% to an annual rate of 550,000 units in March from 560,000 in February, and are 8.3% below the 600,000 level in March 2013. The median existing condo price was $200,800 in March, up 11.6% from a year ago.

Regionally, existing-home sales in the northeast rose 9.1% to an annual rate of 600,000 in March, but are 4.8% below March 2013. The median price in the northeast was $244,700, up 3.2% from a year ago.

Existing-home sales in the midwest rose 4.0% in March to a pace of 1.04 million, but are 10.3% below a year ago. The median price in the midwest was $149,600, which is 5.9% above March 2013.

In the south, existing-home sales declined 3.0% to an annual level of 1.92 million in March, and also are 3.0% below March 2013. The median price in the south was $173,000, up 6.7% from a year ago.

Existing-home sales in the west fell 3.7% to a pace of 1.03 million in March, and are 13.4% below a year ago. The median price in the west was $289,300, which is 12.6% higher than March 2013.

Finally, remember that all of the above is largely BS - the NAR is, as the name implies, an association of realtors, and as such it is in their best interest to perpetually skew the picture as far rosier than it is, just so prospective buyers aren't spooked by the reality behind the crumbling fake facade.