Chicago Real Estate Numbers Fixed

July 23, 2011

We now know the reason for a Chicago real estate error.

The Illinois Association of Realtors, which recently admitted to inflating the median sale prices on homes sold in Chicago for months, has found the problem.

According to the realty group, a computer glitch lead to inaccurate reporting from November 2010 through May 2011.

“IAR uses a sequel program to perform the city of Chicago analysis. The volume of records, raw data receipts, and the 29 fields necessitated the use of a robust sequel program. It has been determined, beginning with the November 2010 city of Chicago median price reports, that the program did not recognize some of the data fields thus eliminating, on average, 11 percent of the records per month, which resulted in a higher median price determination,” the IAR said in a statement.

The realty group said it has fixed the program after verifying all reports back to 2008.

Only Chicago real estate numbers were affected; all other Illinois areas were correct.

“IAR regrets the error and hopes that the swift determination as to the cause and engagement of an independent public accounting firm for validation allays any concerns as to the integrity of the revised reports.”

To see the revised City of Chicago Median Price from November 2010 through May 2011, click here.

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