First Impressions Can Be Misleading: Revisions to House Price Changes

Joshua Abel, Richard Peach () and Joseph Tracy

No 20130326, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: An assiduous follower of the national house price charts that the New York Fed maintains on its web page may have noticed that we appear to be rewriting history as we update the charts every month. For example, last month we reported that the median twelve-month house price change across all counties for December 2012 was 3.68 percent. However, this month, we indicate that this same median change for December 2012 was instead 3.45 percent. Why the change? Was the earlier reported number a mistake that we simply corrected this month? If not, what explains the revision to the initial report?

Keywords: data revisions; housing; House prices (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2013-03-26
New Economics Papers: this item is included in nep-ure
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