NAR overestimated home sales

New benchmarking standard will include revision of historical numbers

The National Association of Realtors says it has overestimated the number of homes sold in recent years and will soon publish revised statistics based on a new benchmarking methodology.

The revisions will show fewer homes were sold than NAR previously estimated, but that there will be little change in previously reported ups and downs in home sales on a percentage basis. There will also be no change to median prices or months’ supply of inventory, NAR said in releasing its 2012 housing forecast.