With strong buyer demand and tight inventory, REALTORS® were generally upbeat about price trends in the coming months. Approximately 94 percent of REALTORS® who responded to the March REALTORS® Confidence Index (RCI) Survey expected constant or increasing prices in the next 12 months.
The graph below shows by state the median expected price changes within the next 12 months based on responses to the March 2013 Survey. Price expectations are most upbeat in the West region where inventory is very low, in Texas, Florida, and Georgia where prices are recovering, and in strong growth states such as Virginia.
What Does This Mean for REALTORS®?
After a relatively long period of declining housing markets we now see markets expected to expand—in both price and sales. Assuming that the economy continues its recovery, one can expect further price improvements this year.