I like to know how many standard deviations this is wrong. This is a BIG error.
The Realtors’ new figures also show 2008 was the worst year for home sales during the housing bust, with only 4.11 million sold, down 16% from the previous estimate of 4.91 million.
Home sales for the first 10 months of this year were also revised downward. October’s sales pace was lowered to a rate of about 4.25 million sales per year, from an original estimate, from an original level of 4.97 million.
Yun cited several reasons for the group’s sales revisions. The group’s reports were “not matching up with other housing-related data,” he said.
The Realtors group, he said, was overcompensating for sales that were not recorded through the regional and local real estate listing services from which the group gets its data. Those “multiple-listing services” have consolidated in recent years, giving them more coverage of local housing markets.
Other factors leading to the downward revision included a decline in “for sale by owner” transactions that were completed without a real estate agent, some new-home sales also being reported by real estate listing services and some sales being reported on more than one listing service.Read it all