By Jim Baum | December 21, 2011 at 12:59 AM EST |
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A story about the National Association of Realtors revising home sales figures back to 2007 is beginning to hit the press. So far, the story has been used more as a headline grabber with no real information. I went to the source and here is what I found.
From the National Association of Realtors website about rebenchmarking
All major statistical data series go through periodic reviews and revisions to ensure that sampling and methodology keep up with changes in the market. Factors like population changes in sampled areas, growth in MLS coverage areas, declines in for-sale-by-owner transactions, and some individual sales being recorded in more than one MLS have contributed to an updrift in EHS data over the past few years, and this rebenchmarking will ensure more accurate and reliable information.
Home buyers and sellers will not be affected by any revisions to NAR's existing-home sales data. Median home prices remain the same, and the data has no impact on consumers who want to buy or sell a home in today's market.
Here is a link to the story on their website
http://www.realtor.org/research/research/ehs_benchmarking