NAR reports the observed
median sales prices based on closed sales transactions gathered from Multiple Listing Services (MLSs).
Well, if this is true, then they would not need to because they used actual transactions to get these numbers. Sounds like they don't use the same model for calculating number of sales as they do for calculating median price data. But aren't the Case‐Shiller indexes the de-facto standard anyway?
Well that would be fine if there were no double-counting. If a closed transaction were counted twice then that certainly would affect the median.
It's also a bit alarming that these transactions included in the median price numbers do not include private sales to avoid foreclosure, foreclosure auctions, and even some short sales. That likely means the median reported overestimates the actual sale prices. Normally using the median makes sense because it avoids skewing from very low or very high sales. But when there are a lot of "off book" sales occuring at very low prices it makes the median suspect.
I personally think NAR has lost what little credibility they had by letting this go on so long and then bungling the "fix" so badly.