Today, in the Calculated Risk Real Estate Newsletter: Lawler: NAR “Fixes” Median Sales Price for July
A brief excerpt:
From housing economist Tom Lawler:There is much more in the article.
While many folks didn’t notice it, the National Association of Realtor’s August Existing Homes Sales Report including a significant upward revision in median sales prices for July. Below is a table showing the preliminary and revised median existing home sales prices for all sales and for single-family sales.
As the table shows, in the latest report the NAR revised the YOY % change in the median existing home sales price by about 0.8 percentage points. Virtually all of this upward revision was the result of a massive upward revision in the YOY % change in the median existing home sales price in the Northeast region -- to 6.1% from 0.8% for all sales, and to 6.7% from 0.8% for single family sales!
As I noted in my August 26th report, the 0.8% reported increase in Northeast median sales price in the July NAR report was completely inconsistent with reported median sales price increases from state realtor organizations in the Northeast, which suggested significantly higher median sales price gains.
