For Further Information Contact:
Jed Smith, Managing Director of NAR Research
202-383-1022
jsmith@realtors.org
NAR CORRECTS FIRST QUARTER NEW JERSEY HOME SALES DATA
WASHINGTON (June 9, 2008) – Following is a statement from the Research Division of the
National Association of Realtors® regarding revised data for first-quarter New Jersey existing-home sales.
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On May 13, NAR reported that the seasonally-adjusted annual rate of existing-home sales in New
Jersey for the first quarter of this year was 169,600 units, up 4.0 percent from the first quarter of 2007.
During an ongoing quality control procedure, additional data entry, and from comments from members of
the New Jersey Association of Realtors®, an inadvertent error was discovered.
The actual existing-home sales pace in New Jersey was 114,100 in the first quarter, which was
30.0 percent below the 163,000-unit level in first quarter of 2007. Compared with a revised fourth quarter
2007 sales level of 119,400, first quarter sales declined 4.4 percent.
NAR accepts full responsibility for this error. NAR takes the data integrity issue most seriously.
Special factors and special computer coding have always been involved with New Jersey data in the past,
and the current error is specific only to New Jersey. There were no problems with other states, and there
is no impact on median home price data. Adjustments to home sales at the regional and national level
will be noted in upcoming normal data revision process.
NAR apologizes for the error, and recognizes that the market performance in New Jersey has
been mischaracterized as a result. It is instituting additional review procedures to ensure no such error is
repeated in the future. The median home price for the state of New Jersey was $361,300 in the first
quarter of 2007, and $350,700 in the first quarter of 2008, and the data were unchanged from initial
reports. The price decline is a modest, manageable decline after the healthy increases in prior years.
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