The National Association of Realtors (NAR) has been published home sales data for years, and discovered in late 2010 that some of the data was at least unreliable. Since then, the group has been figuring out a way to fix things, and we’re about to see the results.
On December 21st, NAR will release revisions to its existing-home sales benchmark, and the expectation is that the existing home sales data will be revised downward by about 13%. From NAR’s media advisory:
An up-drift in sales projections developed over time between the fixed model for calculating sales rates and the actual marketplace, including growth in multiple listing service coverage areas, geographic population shifts, a decline in for-sale-by-owner transactions, some new-home sales trickling into MLS data and some individual sales being recorded in more than one MLS. Divergence of the data with other housing data metrics began in 2007, so revisions for 2007 through the present will be released.
The NAR is expected to continue estimating home sales rather than gathering the data from publicly recorded home sales transactions.
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