The National Association of Realtors (NAR) said Monday it will lower estimates of how many existing homes were sold in the U.S. since 2007, according to The Wall Street Journal. NAR will release the data on Dec. 21 along with its monthly report on existing home sales for November.
Typically, The Wall Street Journal reported, NAR revises home-sales data at the end of a decade based on the latest census data; however, the 2010 census did not include questions on home sales, so NAR re-built its estimate model, which delayed its publishing a revision. The annual rate of home sales in 2011 has been running just above the 2010 rate of 4.9 million, the lowest on record since 1997.
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