Realtors Expect Median Home Prices to Rise 4 Percent
June 18, 2014
According to a recent survey from the National Association of Realtors, home prices are expected to continue appreciating over the next year, with a median price increase of 4 percent expected over the next 12 months.
“Slower sales due to tight credit conditions, declining affordability due to the recent price growth amid modest income gains, and fewer distressed sales likely account for the modest expectations,” economists note in the report.
Some states are slightly more optimistic about home price increases, such as in Florida, where low housing inventories and high demand are expected to boost prices, in the range of 5 percent to 7 percent over the next 12 months, according to the survey. Real estate professionals in states including California, Oregon, Nevada, Texas and Georgia are forecasting home prices to be greater than 5 percent to 6 percent in the next 12 months.