Realtors group blames computer glitch for months of inflated home prices

July 22, 2011

The Illinois Association of Realtors said Friday a computer glitch is to blame for their misreporting of median home sale prices. The IAR announced last week it had incorrectly reported inflated prices for months.

"We pride ourselves in having solid, accurate data and it was a malfunction related to uploading to the system and it has been corrected," said Mary Schaefer, IAR Communications Director.

The company released a statement Friday outlining where the technological error occurred in their systems. According to IAR, their computer systems did not recognize some of the data uploaded, and thus eliminated about 11 percent of the records per month. The error lead to inaccurate numbers from November 2010 to May 2011.

IAR became aware of the inaccuracies after multiple inquiries were made by the Chicago Tribune. Schaefer said the company will be cross checking their data with local real estate groups from now on.