Calculated Risk: Existing Home Sales Revisions

The NAR released the benchmark revisions today. From the NAR:

Also released today are benchmark revisions to historic existing-home sales. The 2010 benchmark shows there were 4,190,000 existing-home sales last year, a 14.6 percent revision from the previously projected 4,908,000 sales. For the total period of 2007 through 2010, sales and inventory were downwardly revised by 14.3 percent. The revisions are expected to have a minor impact on future revisions to Gross Domestic Product.

The impact on GDP is from a reduction in the estimate for Brokers' commissions on sale of structures. That reduction will be minor.

Here are a couple of graphs to illustrate the revisions:

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