Economic Prediction #7: The national median existing-home price will fall below 160k from the present 170,600.
The median home price dropped 5.2 percent in February from a year earlier to $156,100, the lowest since April 2002. “If the price declines persist, even with the job market recovery, that could hamper recovery in the housing market,” said NAR chief economist Lawrence Yun.
Needless to say, this doesn’t bode well.