In 2005, 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) in 2003. The MSAs in our metro home price report are now based on 2000 Census Data.
The OMB defines an MSA as an area having 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 1990. The 2000 standards replace and supersede the 1990 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 percent 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 and are therefore subject to change based on additional data.