TBP has long complained about the spinmeisters at the National Association of Realtors (NAR) for their pollyannish views and their continual bottom calling.
It turns out that the spin from the NAR isn’t the only thing that is suspect. It seems their data collection and basic math skills are questionable, also.
Case in point: Q1 Housing Sales.
James Bednar is Editor of the NJ Real Estate Report — a blog about Garden State realty issues. James is also a realtor, and was rather surprised to learn back on May 13th, that first quarter sales in New Jersey
were up 4% year over year. At least, that’s what the National Association of Realtors claimed when they released their
first quarter 2008 sales data.
That didn’t jibe with what James was seeing, so he requested the data from the NAR. Five times — all to no avail. Despite what local realtors were experiencing, both the NAR and the NJAR
believed that NJ was improving. Good news and proof of the housing bottom at
"On Friday, the Realtorsâ group issued a huge correction, saying that instead of a slight increase, New Jerseyâs housing market actually saw a 30 percent drop in home sales during the first quarter compared with the same period last year.
âIt happened in the crunching of the numbers,â said NAR spokesman Lucien Salvant. âIt was just a mistake and we owned up to it.â
As it turns out, only 114,100 homes were sold across the state during the first quarter – nearly a third less than the 163,000 sales recorded in the first three months of 2007."
Granted, anyone can make an error — but one would have thought that a positive Q in NJ compare to the rest of the Northeast and the nation would have caused SOMEONE to spot the anomaly, doublecheck the math, oir at least answer a Realtor’s emails.
NAR chose D) None of the above. Why am I not surprised by this?
Read the full details at the links below. . .
VINDICATION – NJ Q1 Home Sales down 30%
NJ Report, Sat 14 Jun 2008
NJ home sales plunged 30 percent in first quarter
The Star-Ledger, Saturday June 14, 2008, 6:53 AM