On Wednesday, the NAR revised its findings for January existing home sales. Home sales actually rose 3.8% over December, but the data entry error had caused an analyst to conclude the sales actually fell 6.6%.
The mistake occurred during a software upgrade last May, when a vendor didn't update data covering the first four months of 2000. An NAR researcher found the error when reexamining data using an algebraic proof of seasonal adjustment factors, according to the NAR.
Most affected by the error were monthly sales rates and inventory levels. The error resulted in an underreporting of the sales rates in January and February 2000, as well as January 2001.
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