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In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members “In the neighborhood or area where you make most of your sales, what are your expectations for residential property prices over the next year?”
The map below shows the median expected price change in the next 12 months for each state based on the December 2015–February 2016 surveys according to the February 2016 REALTORS® Confidence Index Survey Report.[1] Washington, D.C. is expected to post the highest price growth, with the median price expected to increase seven percent, followed by the state of Washington, with a median expected price growth of six percent. REALTOR® respondents from Oregon, California, Colorado, and Florida also expected strong price growth, with the median expected price growth at four to five percent in each of these states. In North Dakota, Vermont, Connecticut, and Delaware prices are expected to increase modestly, by up to two percent.
Price expectations are driven by demand and supply conditions. On the one hand, REALTORS® expect the housing price growth to ease in the coming months because of concerns about affordability. On the other hand, supply remains tight across most states, creating upward price pressures.
[1] Respondents were asked “What are your expectations for the housing market over the next six months compared to the current state of the market in the neighborhood(s) or area(s) where you make most of your sales?”
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