Industry NewsMarkets & Economy

NAR to release revised home-sale stats

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The National Association of Realtors on Wednesday will issue revised estimates for existing-home sales going back five years, saying the formula it had been using to adjust the sales data it collects from multiple listing services had drifted out of whack and was overestimating sales.The benchmark revisions to existing-home sales data will show fewer homes changed hands than NAR had previously reported, the trade group said. But the revisions will show little change in previously reported trends in home sales, and no change in median home price, NAR said.Also, because NAR is making a comparable downward adjustment to unsold inventory, the group said the revisions won't change the months' supply of homes for sale -- a critical measure of the balance between supply and demand. Many housing analysts consider a six-month supply of homes for sale to be a healthy balance between supply and demand.In February, mortgage and property data aggregator CoreLogic estimated that NAR was overestimati...