Yes
1/416 of the homes PER MONTH works out to roughly 2.9% PER YEAR.
And if you actually read the real estate site the data comes from, the tone there isn't quite as cavalier as TB's. In fact, they sound downright panicky. Don't take my word for it, he provided the link, probably expecting no one would follow up on it or bother to do the math.
The problem around here is not an acute "allergy to information", it's a chronic hemorrhage of spin.