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REALTORS® Expect Modest Price Growth in Next 12 Months

REALTORS® expect home prices to increase modestly in the next 12 months, with the median expected price increase at 3.4 percent [1]. The expected price change is modest compared to the strong price growth in 2012-2013. Local conditions vary, but concerns about how borrowers are finding it difficult to obtain a mortgage and weak job recovery appear to be underpinning the modest price expectation.

The map below shows the median expected price change in the next 12 months by state of REALTOR® respondents in the May – July 2014 surveys.

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[1] 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. A median expected price change is computed for each state based on the respondents for that state.

Comments
  1. Thanks for posting this, Gay, and seems to be holding true regarding prices. I do expect slightly better for Ohio real estate though in 2015. I keep seeing word of a lot of job being re-shored back to the U.S. and news like Dayton and Cincinnati working together to win a coveted manufacturing designation (fingers crossed) which translates into 12% of a $1.3 billion dollars. We should know by the end of this year.

    There have been a handful of articles on the Dayton Daily News in the last few months about small business (mostly manufacturing) bringing jobs home to the U.S and also other industries like customer service.

    I also see in local news all over SW Ohio that communities and cities are working hard on very local level, and some really innovative thinking lately. Cincinnati has made bold moves to increase the appeal of immigration which some favor some some don’t but personally believe the fresh influx of spending, new small businesses and new thinking will be good for us locally.

    I’m just saying when I look abroad I see good things at work that should support Ohio real estate markets, and albeit most are items that will slowly take effect but should have positive impact long term.