Economists' Outlook

Housing stats and analysis from NAR's research experts.

REALTORS® Expect Modest Price Growth in the Next 12 Months

About 92 percent  of  REALTOR®  respondents  in the August REALTORS® Confidence Index Survey expect prices to remain stable or to continue to increase in the next 12 months although at a rate of about 4 percent[1], significantly lower than recent experience.   Tight inventory, pent-up demand, and the drop in foreclosure inventory have provided much of the lift in prices, but the increase in interest rates in recent months is raising the prospect of softer demand.

Across the states, the median expected price changes  based on data from the June-August surveys are most upbeat in the Western states  as well states like Florida where inventory is extremely low. See report at

[1] This is the median expected increase. A median expected price change of 4 percent means  that 50 percent of respondents expect prices to increase above 4 percent while the other 50 percent expect prices to increase (or decrease) at less than 4 percent.

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