Sep 6, 2011
Last week, the Illinois Association of Realtors admitted that it has overstated the median prices for homes sold in Chicago since early 2008. The group said the mistake occurred in data processing and was not intentional. It acknowledged that data exaggerated the median sales price for May, but said it may have made a similar error in monthly reports for the last three years. It also said its monthly numbers for total home sales in Chicago may be inaccurate. The association said that for May, the median price for condominiums sold in Chicago was $299,000, a 10 percent increase from May 2010.
After correcting for data input error,” the group said, the result should be $249,900. The new figure would be a year-over-year decrease of 7.8 percent.
In February, the National Association of Realtors admitted it was overstating the number of home sales nationwide. Tough luck to those homeowners who bought on this bad info.
