A program used to analyze housing data has been identified as the cause of inflated median price calculations for the city of Chicago, the Illinois Association of Realtors announced today.

The program failed to recognize some data fields and subsequently eliminated an average of 11 percent of records per month beginning in November 2010. The error resulted in monthly median home prices elevated by as much as 25.5 percent.

The program used has been corrected; all reports since November 2010 have been updated to include the previously eliminated data; and data since the inception of the Chicago reports in 2008 has been verified, the association said.

The association also hired an outside certified public accounting and technology firm, Sikich LLP, to conduct an independent review of the issue, and the firm agreed with the association about the cause of the problem and its fix, the association said.

"IAR regrets the error and hopes that the swift determination as to the cause and engagement of an independent public accounting firm for validation allays any concerns as to the integrity of the revised reports," the association added.

The revised data is available here.

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
Thank you for subscribing to Morning Headlines.
Back to top
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