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Residential sales market conditions were essentially the same in February as in January 2014, according to the latest REALTORS® Confidence Index.
Demand has been dampened by the erosion in home affordability due to price increases and higher interest rates which have kept first–time homebuyers out of the market. However, inventory is also generally tight across many states--the Western region (CA, NV, WA, OR, AZ), the Midwest (MO, IL, WI, MN, ID), the Northeast (NJ, MA, ME, PA) and the Southern states (MD, VA, SC, and TN).
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