From Bloomberg with respect to the National Association of Realtors revised figures for existing homes sales over the past four years:
The number of existing homes sold in the U.S. was revised down by an average 14 percent since 2007, magnifying the depth of the slump that contributed to the last recession.
Purchases were revised to 4.19 million for 2010, down 15 percent from a prior estimate of 4.91 million, the National Association of Realtors said today in Washington. Sales climbed 4 percent in November to a 4.42 million annual pace, from a revised 4.25 million rate the prior month that reflected the benchmark updates.
Purchases were trimmed by 11 percent for 2007, by 16 percent in 2008 and by 16 percent in 2009.
Revisions to downward median price trends were little changed. And to quote NAR’s chief economist, “even before the revisions things were bad, now they are even worse.”
∙ U.S. Existing Homes Sold Since ’07 Revised Down by 14% [Bloomberg]
∙ Existing-Home Sales Continue to Climb in November [NAR]
∙ Demand Up, Supply Down, And Yet The Median Falls? [SocketSite]