Latest NAR market forecast: that was then

It's a different ballgame from the boom days -- the latest National Association of Realtors housing market forecast calls for a 1.3 percent decline in existing-home prices and a 2.3 percent decline in new-home prices this year compared to 2006 (see Inman News article).

A chronology of the changing times:

NAR's 2007 forecast released in January:

• National median existing-home price will rise 1.5 percent (compared to '06)
• National median new-home price will rise 3 percent
• Existing-home sales will drop 0.9 percent
• New-home sales will drop 8.9 percent
• Housing starts will drop 16.2 percent

NAR's 2007 forecast (released in May):

• National median existing-home price will drop 1 percent
• National median new-home price will be flat
• Existing-home sales will drop 2.9 percent
• New-home sales will drop 17.8 percent
• Housing starts will drop 19 percent

NAR's 2007 forecast (released in June):

• National median existing-home price will drop 1.3 percent
• National median new-home price will drop 2.3 percent
• Existing-home sales will drop 4.6 percent
• New-home sales will drop 18.2 percent
• Housing starts will drop 20.4 percent

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