by Calculated Risk on 4/11/2007 10:59:00 AM

From the WSJ: Realtors Predict Annual Price Drop, Lower Forecasts for Home Sales

A real-estate trade group lowered its forecasts for U.S. home sales this year, while projecting what would be the first annual decline in the median national existing home price since it began keeping records in the late 1960s.

In its latest forecast for the real-estate market, the National Association of Realtors projected that existing home sales will fall 2.2% this year to 6.34 million, compared with its previous forecast of a 0.9% decline. The NAR said new home sales are likely to fall 14.2% to 904,000, compared with the prior forecast of a 10.4% drop.
...
The national median existing home price will likely slip 0.7% to $220,300 in 2007, following a 1% gain last year ...

My projections are for existing home sales to fall to 5.6 to 5.8 million units and prices to fall from 1% to 3% nationwide (as measured by OFHEO).