The National Association of Realtors will restate four years of monthly home-sales data next week while leaving median prices unchanged.
Revisions to the trade group’s widely tracked report were made in consultation with the Federal Reserve, the Department of Housing and Urban Development, mortgage financiers Freddie Mac and Fannie Mae, and trade groups such as the Mortgage Bankers Association and National Association of Home Builders.
NAR is correcting what it called an “updrift” in estimates caused by factors including an increase in the areas covered by the multiple listing services and a decline in for-sale-by-owner transactions, the group said in a statement earlier this week. The changes will be announced Dec. 21.
There will also be downward revisions to monthly data measuring the number of unsold homes on the market, the Realtors group said. The changes won’t influence the so-called months supply number that measures how long it would take to sell all the homes on the market, the Chicago-based trade group said.