IAR has released a statement about the city of Chicago data reported in Chicago Tribune yesterday.

We want our members to know we deeply regret that this happened and are working with the Chicago Association of REALTORS® and MRED to investigate the reporting, resolve and correct it. The reporting issue is isolated to city of Chicago data; it does not involve the IAR statewide reporting and regional nine-county Chicagoland PMSA reporting, which is confirmed accurate for the Illinois housing market as is the University of Illinois REAL forecast.

Whatever the cause, this is absolutely unacceptable to us and we will take whatever is required to fix the problem or take other actions to ensure public confidence in our market reports.