NATIONAL ASSOCIATION OF REALTORS – The National Association of Realtors (NAR) takes its role as a leading source for housing information very seriously, and toward that end, NAR research announced the results of a year-long rebenchmarking process for existing-home sales on Wednesday, December 21. Below you will find the results of this process.
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.
Video: Chief Economist Lawrence Yun discusses rebenchmarking existing home sales data with Stacey Moncrieff, Editor-in-Chief of REALTOR Magazine.
SOURCE: Complete rebenchmarking data reports are available from NAR’s Historical Rebenchmarked Existing-Home Sales Data Files and Methodology (2007-2011).