TeeJay Tech Bro

  Accounting for July sales recorded in the first half of August, Zillow's national existing home sales nowcast for July was revised down 1.9% from its projection earlier this month. Zillow now estimates 346.9k existing home sales in July. The previous nowcast for July was 353.4k sales.  Zillow’s nowcast, explained A nowcast is a projection of the very recent past or present. Most of Zillow’s monthly housing metrics — publicly available at zillow.com/data — have reflected known data at the close of the prior month. However, because a home sale typically takes weeks from when a seller accepts a buyer’s offer to when the sale officially closes and is recorded in the public record, home sales counts from Zillow and elsewhere traditionally report on a lag.  Zillow’s existing home sales nowcast aims to eliminate this lag by using a statistical model incorporating past latency and average revision rates locally so that existing home sales are reported on the same cadence as mo...