The National Association of Realtors has come out with a downward revision to their 2007 predictions:

Existing-home sales are projected to total 6.18 million in 2007 and 6.41 million next year, in contrast with 6.48 million in 2006.  New-home sales are forecast at 860,000 this year and 901,000 in 2008, down from 1.05 million last year.  Housing starts are likely to total 1.43 million units in 2007 and 1.49 million next year, below the 1.80 million recorded in 2006. The national median existing-home price should ease by 1.3 percent to $219,100 in 2007 before rising 1.7 percent next year.  The median new-home price will probably fall 2.3 percent to $240,800 this year, and then grow by 2.6 percent in 2008.

No surprises in here. For a more detailed analysis, contact us!