In 2014, the NATIONAL ASSOCIATION OF REALTORS® updated its Metropolitan Statistical Area (MSA) Home Price Series based on new information from the U.S. Office of Management (OMB) published in 2013. The MSAs in our metro home price report are now based on 2010 Census Data.
The OMB defines an MSA as an area with at least one urbanized area of 50,000 or more in population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties. Previously, NAR's MSA Home Price Series was based on the OMB definitions from 2000. The 2010 standards replace and supersede the 2000 standards for defining metropolitan areas. As a result of the changes in the definitions, new MSAs were created, some MSAs were removed, and some existing MSAs were revised.
For more information about current MSAs, please see the U.S. Census Bureau's latest MSA Descriptions.
NAR gathers its data to produce its MSA Home Price Series from a monthly survey of existing-home sales. It is estimated that NAR's survey captures nearly 40% of all existing-home sales throughout the country, thus giving NAR a large and comprehensive sample to use in generating its sales statistics.
The MSAs selected for this report are based on NAR's coverage of existing-home sales. Therefore, the report only includes areas where NAR's sample coverage is deemed a fair representation (given sample constraints) of the OMB's definitions of the Metropolitan Statistical Areas. Although NAR has made every attempt to provide reliable information, the MSA home price figures are based on a sample of Multiple Listing Services. They are, therefore, subject to change based on additional data.