Median Prices of Existing Homes in 2007
The Graph of the Week shows the forecast change in the median price of exisitng homes from the May NABE Outlook. From the survey:
Residential investment remains a dominant force dampening growth in 2007. Nearly half of our forecasters think that the bottom in housing will not be reached until the fourth quarter of 2007 or later. Most respondents think that median home prices will decline this year, though the estimated drop is generally expected to be 3% or less. One-third of the panel thinks the problems in the subprime market are delaying or deepening the housing correction; significant fractions anticipate that subprime problems will hinder consumption or prompt significant changes in the regulation of the mortgage market.
NABE members can read the full NABE Outlook here. A summary is available for the public.