Whoops!: Realtors Have Been Overcounting Home Sales
Another example of an issue we addressed a couple weeks ago regarding the limitations of macroeconomic data and how the second derivative (i.e. which direction numbers are trending) is often the most useful information to be gathered from published statistics:
Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought.
The National Association of Realtors said a benchmarking exercise had revealed that some properties were listed more than once, and in some instances, new home sales were also captured.