Prices are still expected to generally increase, although at a slower pace. About 92 percent of REALTOR® respondents expect constant or higher prices in the next 12 months (90 percent in November). Prices are expected to increase modestly at a median expected price increase of 3.7 percent . Local conditions vary. See the December REALTORS® Confidence Index Survey report for more information.
Improved inventory conditions, lower volume of distressed sales, and the pick up in interest rates are factors that will create an environment for modest price growth. Some REALTORS® saw the slowdown as a welcome break to the rapid home price growth amid the modest growth in consumer incomes and jobs.
 The median expected price change is the value such that 50 percent of respondents expect prices to change above this value and 50 percent of respondents expect prices to change below this value.