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REALTORS® generally expect prices to increase over the next 12 months at a modest pace with the median expected price increase at 3.9 percent, according to the latest REALTORS® Confidence Index. Demand has slowed somewhat because of the increase in home values and the cost of borrowing from higher mortgage rates and mortgage insurance premiums for FHA loans. The modest pace of economic growth has also kept the lid on price growth.
The states with the most upbeat expected price change of 5 to 7 percent are California, Florida, and Hawaii, where tight inventory has boosted home values (red). In states with booming economies like Washington, North Dakota, Texas, Michigan, and the DC-Metro Area, the expected price increase is about 3 to 5 percent (orange). In the rest of the states, the expected price growth is less than 3 percent (blue).
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