NAR 2019 Home Price Forecast Correction

In the Pending Home Sales release yesterday, the NAR wrote:

Looking ahead to next year, existing sales are forecast to decline 0.4 percent and home prices to drop roughly 2.5 percent.

Forecasting a price decline would be huge news!

However that was a typo in the release. As Andrea Riquier at MarketWatch noted on the NAR forecast (after contacting the NAR):

Home prices WILL NOT DECLINE 2.5%, price appreciation will decline to a 2.5% annual rate.

This is still lower than the 3.1% median home price increase in 2019 that NAR economist Lawrence Yun was forecasting a few weeks.

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