SPRINGFIELD, Ill., July 12, 2011 /PRNewswire-USNewswire/ -- The Illinois Association of REALTORS® (IAR) is investigating a technical error related to inconsistent data reporting affecting sales volume and media price reports for the city of Chicago. This error has resulted in inaccurate median price and sales volume reports for single-family homes and condominiums, in the city, possibly dating back to 2008 when IAR first began reporting city data at the request of the Chicago Association of REALTORS®.
This unintentional technical error relates only to city of Chicago housing data; county and statewide reports were not affected by the error and their accuracy is not in question.
This error was brought to our attention by a media inquiry, and we are currently investigating the matter with the Chicago Association of REALTORS® and Midwest Real Estate Data LLC to determine how this happened. The one thing we do know is that this was an error and in no way intentional. But whatever the cause, this is absolutely unacceptable to us and we will take whatever action is required to fix the problem or take other actions to ensure public confidence in our market reports.
We regret any confusion in the marketplace that may have occurred due to this situation. We recognize that consumers have certainly been challenged to understand this market and our member REALTORS® are working hard every day to communicate the challenges of the marketplace to their clients.
The IAR has been reporting accurate home sales and median price data since 1990 both on a statewide basis and for the nine-county Chicagoland PMSA region (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties).
In February 2008, IAR also began reporting city of Chicago home sales data in partnership with the Chicago Association of REALTORS®. We are trying to determine where there may have been flaws in how this information was entered and processed, and if the problem dates back to the inclusion of Chicago data in early 2008.
Again, we emphasize that the error is isolated to the city of Chicago data and the Illinois Association of REALTORS® continues to investigate this matter with our local board and MLS partners to ensure accuracy in the city data.
Housing data and trends reported on a statewide basis and for the Chicagoland PMSA remain an accurate reflection of Illinois housing market data and trends.
Data and market forecasts prepared by the University of Illinois Regional Economics Applications Laboratory (REAL), which have been issued since 2008, are not affected by the error.
The Illinois Association of REALTORS® is a voluntary trade association whose 44,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.
SOURCE Illinois Association of REALTORS