Realtors Say Home Sales Up, But Downwardly Revises Recent Data

Real Estate Sign, Dec, 21, 2011, Eric Miller PhotoMHProNews.com has learned from the National Association of Realtors (NAR) that existing-home sales rose again in November and remain above a year ago. The latest monthly data shows total existing-home sales increased 4.0 percent to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010. The trade group also downwardly revised sales and inventory data since 2007, led by a decline in for-sale-by-owners. NAR says although rebenchmarking resulted in lower adjustments to several years of home sales data, the month-to-month characterization of market conditions did not change. NAR says there are no changes to home prices or month’s supply. The 2010 benchmark shows there were 4,190,000 existing-home sales last year, a 14.6 percent revision from the previously projected 4,908,000 sales. For the total period of 2007 through 2010, sales and inventory were downwardly revised by 14.3 percent. The revisions are expected to have a minor impact on future revisions to Gross Domestic Product. The Realtors say a divergence developed over time between sales reported by MLSs and sales determined by a U.S. Census benchmark; the variance began in 2007. Reasons include growth in MLS coverage areas from which sales data is collected, and geographic population shifts. NAR consumer survey data in 2000 showed FSBOs accounted for a 16 percent market share, which fell to a record low 9 percent in 2010.

(Photo Credit: Eric Miller)

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