View Full Version : California Realtors Will Revise State Home-Sales Data

06-30-2009, 07:32 PM

June 30 (Bloomberg) -- California home sales were less than previously reported this year by the state Realtors? association, which plans to revise its data, Deputy Chief Economist Robert A. Kleinhenz said in an interview.

The California Association of Realtors discovered a computer error on San Diego County sales that artificially inflated the number of transactions reported this year, Kleinhenz said. San Diego home sales climbed 20 percent in April from a year earlier and 6.5 percent in May from the previous year, Kleinhenz said.

The group previously reported a 63 percent increase in April?s San Diego sales and an 89 percent increase in the county last month. Statewide, the revised data will show May home sales rose between 30 percent and 35 percent from a year earlier, compared with a previously reported increase of 35 percent, Kleinhenz said.

?It?s going to reduce the statewide number by a couple percentage points, but it?s not going to make a huge difference in the statewide,? he said.

The problem began when the San Diego County multiple- listing service began using a new data vendor last year, Kleinhenz said. The switch led to the Realtors association understating sales increases for much of 2008 and overstating them this year.

Next Report

Revisions will be in the association?s June sales report, due for release July 27, Kleinhenz said.

The discrepancy was discovered last week by economist Thomas Lawler, founder of Lawler Economic & Housing Consulting in Leesburg, Virginia. He compared the state Realtors? report with data from San Diego brokers and the property research company MDA DataQuick.

The Realtors? sales figures ?seemed way above what other sources of home sales would suggest,? Lawler wrote in a June 25 report.

?When I was looking at regional data, they were showing some really huge year-over-year gains in San Diego,? Lawler said today in an interview. ?There were massive differences.?

He brought the discrepancy to the attention of the Realtors? association.

The discrepancy also was reported earlier today by the Wall Street Journal.

To contact the reporter on this story: Daniel Taub in Los Angeles at dtaub@bloomberg.net.
Last Updated: June 30, 2009 17:58 EDT

Ummm...shouldn't we be arresting people for fraud? They were materially gaining from this by claiming green shoots. Buy while low!!


George Carlinian
06-30-2009, 09:19 PM

Ummm...shouldn't we be arresting people for fraud? They were materially gaining from this by claiming green shoots. Buy while low!!


We should but we wont because those who have the gold make the rules. Madoff made off for as much as he did because people REFUSED to prosecute him...people were complaining against him for years, investigations against him were stopped...until...for some reason he decided to confess all on his own.

The world is run by elitists and they only appease when they have to.