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.

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