As announced in a previous article on Real Estate Industry Watch, NAR today released revisions to its housing sales numbers for the past four years. The reasons for the changes appear to be both an over=reporting of the number of FSBO sales that were not counted through MLS s as well as double reporting for homes that were counted as sold on more than one MLS.
The finance and economics blog CalculatedRiskBlog.com offered a detailed analysis of the revision, it’s impact on inventory levels and what is expected to be slight decrease in GDP due to the reduction of broker income. While that impact is expected to be slight, this revision underscores the depth of economic cycle both on the sales side and on the inventory side.
