CAR reported home sales conflict with other data
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Multiple reports of monthly home sales were released in April, though some came from more reputable sources than others.
The California Association of Real Estate (CAR), a real estate trade organization, reported a “seasonally adjusted annualized rate” of 505,360 closed sales of existing, single-family detached units sold in March of 2012 (or approximately 42,000 total homes). In contrast, data supplier DataQuick reported 37,481 new and resale for all SFR homes sold in March, attached or detached, new and used, at an estimated annual rate of 420,000 total closings by end of the year.
If CAR’s annualized rate proves correct, home sales are in for a shocking recovery over the course of the year. 505,360 homes is over 100,000 more than were sold in 2011 (413,479 recorded closings, according to DataQuick), and is 24% higher than first tuesday’s forecast for 2012 (407,000).
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