NAR Uses Statistical Trick To Show Annual Increase Declining Sale Closings
The NAR reported the misnamed "Existing Home Sales" on Wednesday. Yes, they are existing homes. No, the data doesn't report sales. The report shows prior sales contracts that closed during the month. The data should rightly be called, "Closings of Previously Sold Homes." All parties to the sale, the buyer, the seller, and the agent recognize the contract as the sale. That's when the SOLD sign goes up. The closing is a formality 95% of the time.