Industry News

Public awaits national home sales data

Realtors group, government release February numbers this week

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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. Depa...