The Illinois Association of Realtors (IAR) said Monday that the median price it reported for home sales in Chicago was inflated in May, and mistakes in its reports may go back more than three years, according to the Chicago Tribune. 
Errors in the reports can wrongly inflate consumer confidence in a housing market that has been under pressure to recover for more than four years. It also can undermine the authority of the real estate organizations that compile and publish the statistics. Media outlets report that data as part of regular coverage of the housing industry because it provides a pulse of the market.
The IAR is meeting with Midwest Real Estate Data to investigate its reports on the city's housing market since February 2008, when the state group began reporting, at the request of the Chicago Association of Realtors, city-specific data.