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RE-BENCHMARKING OF EXISTING DETACHED HOME SALES
March 15, 2013
What is Getting Revised?• Downward Revision to California Existing Detached Home
Sales• No Revision to Median Home Price• No Revision to Local (County/Region) Sales and Price
Statistics • No Revision to Unsold Inventory Index (Months of Supply
of Inventory)• No Revision to Median Time on Market• No Revision to Housing Affordability Index• No Revision to Distressed Sales Statistics• No Revision to Pending Home Sales Index
Reported and Re-Benchmarked Annual Existing Detached Home Sales
Annual Sales (Previously Reported)
Annual Sales (Re-benchmark) Revision
2000 535,470 470,730 -12.1%
2001 503,990 448,560 -11.0%
2002 572,550 511,740 -10.6%
2003 601,770 550,550 -8.5%
2004 624,740 571,440 -8.5%
2005 624,960 576,240 -7.8%
2006 477,460 438,970 -8.1%
2007 346,940 292,420 -15.7%
2008 441,810 381,420 -13.7%
2009 546,860 474,860 -13.2%
2010 492,290 416,520 -15.4%
2011 497,860 422,550 -15.2%
2012 525,120 440,690 -16.1%
Previously Reported (Old) and Re-Benchmarked (New) Annual Existing Detached Home Sales
(C.A.R. and N.A.R.)
CA (Old) CA (New) Revision US (Old) US (New) Revision
2007 346,940 292,420 -15.7% 4,939,000 4,420,000 -10.5%
2008 441,810 381,420 -13.7% 4,350,000 3,660,000 -15.9%
2009 546,860 474,860 -13.2% 4,566,000 3,870,000 -15.2%
2010 492,290 416,520 -15.4% 4,308,000 3,708,000 -13.9%
4-year Average 456,975 391,305 -14.4% 4,540,750 3,915,000 -13.9%
CA Sales of Existing Detached Homes(Annual)
20002001
20022003
20042005
20062007
20082009
20102011
20120
100,000
200,000
300,000
400,000
500,000
600,000
700,000
Previously Reported Sales Re-Benchmarked Sales
CA Sales of Existing Detached Homes (Monthly)
Jan-00
Oct-00Jul-0
1
Apr-02
Jan-03
Oct-03Jul-0
4
Apr-05
Jan-06
Oct-06Jul-0
7
Apr-08
Jan-09
Oct-09Jul-1
0
Apr-11
Jan-12
Oct-12
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
Previously Reported Sales Re-Benchmarked Sales
Reasons for the Difference in Sales Before and After Re-Benchmarking
• C.A.R. expanded data sample size and increased coverage over more sampled geographic areas
• More data is being retrieved electronically through a more reliable process, which allows C.A.R. to collect data more accurately and with more consistency across the board
• Fewer FSBO home sales and more REALTOR®-assisted home sales
• More Homebuilders seek REALTOR®-assistance in listing properties on MLSs