The Illinois Association of REALTORS® (IAR) has conducted a thorough review of the city of Chicago median price report program and has identified the cause of inconsistent median price calculations. IAR also employed an outside Certified Public Accounting/Technology firm, Sikich LLP to conduct an independent review of the city of Chicago issue. The findings of both reviews were consistent as to the cause and action necessary to correct methodology.
IAR uses a sequel program to perform the city of Chicago analysis. The volume of records, raw data receipts, and the 29 fields necessitated the use of a robust sequel program. It has been determined, beginning with the November 2010 city of Chicago median price reports, that the program did not recognize some of the data fields thus eliminating, on average, 11 percent of the records per month, which resulted in a higher median price determination.
The city of Chicago sequel program has been corrected. All data from the inception of the city of Chicago reports (2008) has been verified and all reports since November 2010 have been adjusted to reflect the inclusion of this data.
IAR regrets the error and hopes that the swift determination as to the cause and engagement of an independent public accounting firm for validation allays any concerns as to the integrity of the revised reports.
All IAR programs for statewide, Chicagoland PMSA and county are accurate and were not impacted by this program. Also, the forecasts prepared independently by the University of Illinois Regional Economics Applications Laboratory (REAL) are not affected.
For revised city of Chicago median price data, link here.