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First Impressions Can Be Misleading: Revisions to House Price Changes

Author

Listed:
  • Joshua Abel
  • Richard Peach
  • Joseph Tracy

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?

Suggested Citation

  • Joshua Abel & Richard Peach & Joseph Tracy, 2013. "First Impressions Can Be Misleading: Revisions to House Price Changes," Liberty Street Economics 20130326, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:86863
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    File URL: https://libertystreeteconomics.newyorkfed.org/2013/03/first-impressions-can-be-misleading-revisions-to-house-price-changes.html
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    Cited by:

    1. Ronel Elul & Joseph M. Silverstein & Tom Stark, 2014. "Understanding house price index revisions," Working Papers 14-38, Federal Reserve Bank of Philadelphia.

    More about this item

    Keywords

    data revisions; housing; House prices;

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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