: Ouch! NAR Corrects NJ First Quarter Stats

Ouch! NAR Corrects NJ First Quarter Stats

A member of the New Jersey Association of Realtors (NJAR) questioned recent stats released by the NAR regarding first quarter reports that home sales in the state rose by 4%.  NJAR took the question to national.  Upon further review, NAR found instead of a 4% boost in home sales from the 2007 first quarter to the 2008 first quarter, New Jersey actually experienced a 30% decline!!!  WHAT????

In a statement NAR took full responsibility for the error, and has taken steps to ensure such errors don't occur in the future.  NAR said there were no problems with data from other states.

The 30% decline should not be viewed as a continued slide, according to real estate experts.  They say that April figures are only 9% below those of April of 2007, and further improvement is expected in May. 

But as they say all real estate is local.  Here in Ocean County home sales in April, 2008 actually rose 1% over the same month in 2007.  Make it more local, and you'll find 30 homes sold in Manahawkin (Stafford Twp) in April 2008, the same number that sold in April 2007.  In Barnegat Township, April 2008 sales were 25 residental units, compared to 26 the previous year.

Read more about it!



Comment balloon 8 commentsLaura Giannotta • June 14 2008 06:15AM


Sounds like NAR is "spinning" the numbers so the market doesn't look so bad. Shame on them!

Posted by Dennis Swartz, MBA, GRI...experience counts! (Full Circle Property Management) about 12 years ago

Wow, that's really bad that they didn't check those numbers.  You would like to trust that what they put out there is accurate, garbage in garbage out.  terrible.

Posted by Miriam Bernstein, CRS about 12 years ago

NAR. . . .are they trying to help us. . or. . .

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) about 12 years ago

Dennis  I hope it was just an oversight?  I'm looking on the bright side!

Miriam  That's why I tell my clients not to look at the numbers for the nation, the whole state, or even the whole county.  You use the numbers you know!

Fernando  It does make you wonder.  

Thanks all for stopping by! 

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) about 12 years ago

Laura, I too hope this was an oversight, but a 34% error. The good news is it looks like your market is improving.

Good Post!

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA about 12 years ago

Michael  Yes, that is amazing!  I also wonder why it took a NJAR member to bring it to the state association's attention.  Though in defense, I guess its not the NJAR's job to check national's figures!!

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) about 12 years ago

I had no idea about it being so bad in parts of NJ. I am glad your market is good.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 12 years ago

Gita  The same article said that sales in the county just north of Ocean were off 10%!!  Since the housing costs are a little lower here in ocean county, we're hanging in!  I've done my May stats and they're not great!  Thanks for stopping by!

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) about 12 years ago