Description of Methodology to Benchmark Existing Home Sales, 2011
Re-benchmarking of Existing-Home Sales data was done because of increasing concern that the NAR estimates produced in recent years overstated the level of existing-home sales, with increasing divergence between NAR sales estimates and other housing data, starting in 2007. The NAR Existing-Home Sales estimating procedure was previously benchmarked to the year 2000.
NAR has now completed a re-benchmarking of the EHS data for each year from 2007 to 2010. The methodology used is detailed in the report above. Going forward, NAR will re-benchmark Existing Home Sales data every year.