Real estate brokers, mortgage lenders, economists and home buyers and sellers will be among those paying close attention tomorrow when the National Association of Realtors releases its February 2003 home sales figures.

Although local and regional numbers tend to be far more telling than national numbers, the national numbers still are an important gauge for the industry, according to Chris Cagan, an economist for First American Title.

“People kind of hang on these numbers,” he said.

The audience for housing market numbers is quite broad, so the information likely is used for a wide variety of needs, such as real estate investment, economic forecasts and the like.

The NAR data, which is roughly a 35 percent sample of 6 million home sales, is closely watched by the industry, the media and the overall population, according to Walt Molony, a senior associate for NAR.

“We’re reaching probably 70 percent of the adult population,” he said.

The Census Bureau, along with the U.S. Department of Housing and Urban Development, also release housing data. Several times last year the federal agencies’ jointly released their data on the same day that NAR released its data, so NAR now schedules its releases around the federal agencies’ schedule, according to Malony.

He said the federal agencies and NAR track and report different data that can be confusing if compared.

Steven Berman, a survey statistician for the U.S. Census Bureau, said the government agency’s housing numbers also grab the attention of the public and federal economists. The Census Bureau is a division of the U.S. Department of Commerce.

The federal agencies track new residential sales, and specifically signings for houses that are completed, under construction, not yet started or in a pre-permit stage. The data typically counts homes that are under construction, he said.

Government figures for housing starts and building permits are also closely watched as leading economic indicators.

Cagan expects NAR’s numbers to reflect a continuing strength in the real estate market.

“I don’t think there is or was any bubble,” he said.

Send tips or feedback to glenn@inman.com; (510) 658-9252, ext. 137.

***

Send a Letter to the Editor for publication.
Send a comment or news tip to our newsroom.
Please include the headline of the story.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×