Nationwide, the median existing home price is expected to drop 1 percent to $219,800 in 2007, according to the National Association of Realtors, or NAR. The national trade group also said in a statement Tuesday that it has lowered sales expectations because of stricter lending standards and a decline in the subprime mortgage market.NAR is projecting that existing-home sales will total 6.29 million this year, down from 6.48 million in 2006. Home starts are also expected to fall — hitting 1.46 million, compared with 1.80 million last year.The group’s 2008 outlook is a bit rosier. It’s predicting that the median home price will rise by 1.4 percent and sales will increase to 6.49 million.

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