In true BLS fashion, the NAR today announced a major benchmark revision to existing home sales from 2007-2010. The NAR revised the 2010 sales down 15% from 4.908 million to 4.19 million. Over-reporting existing home sales by nearly 3/4 of a million units in a single year is no accident.
The entire 4 year period of 2007-2010 was downwardly revised by 14.3%!! Can you say MOPE!?!
Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
Although rebenchmarking resulted in lower adjustments to several years of home sales data, the month-to-month characterization of market conditions did not change. There are no changes to home prices or month’s supply.
Also released today are benchmark revisions3 to historic existing-home sales. 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.
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