Albuquerque, NM: “March Residential Real Estate Sends Conflicting Signal:”
"March was the single strongest month for home sales since June 2010." However, when set against March 2010, all activity fell: closing were down by 10%; pending sales down by 16%, new homes down by 14.5%." Median Price: March 2011, $162,000; February 2011, $171,750; March 2010, $175,000.
These are the facts as reported in the Sunday April 24, 2011, Albuquerque Journal. Let’s face it, Inman News reported that the “the Housing figures reported by NAR for 2010 were overstated…”
It identified the methodology an issue, so it should come as no surprise to us that the data is conflicting. Here is the link to my February 19, 2011 blog, nobody in Albuquerque paid attention:
Here are some questions that we should be asking?
Do the price of homes and responsiveness to home prices and all the other variables, following a normal distribution?
If they aren’t then that could explain some of the deviations that we are observing.
Are we comparing apples to apples and oranges to oranges?
It seems to me that we should be consistent in reporting the data.
It is widely accepted to compare March 2011 to March 2010, so if that’s how we normally report the data, then we should do it for all months.
On the other hand, we could compare month to month data or quarter to quarter data.
What’s important here is consistency.
I suspect that there is more than meet the eye.
According to the data that Core Logic looked at, the data for 2010 was overstated, so we need to recalculate the numbers before we draw any firm conclusion.
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