Home price appreciation is slowing markedly, and a survey of members of the National Association of Realtors shows they generally expect home prices to increase in all states and the District of Columbia over the next 12 months, with most of the heavy growth in Florida, Texas, and California, among other states.
That’s the consensus from the May 2014 Realtors Confidence Index.
The median expected price increase is 4%.
Expected price movements depend on local conditions relating to housing demand and supply, demographics, and job growth, the survey says.
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The difficulty in accessing mortgage financing and modest expectations about overall economic and job prospects are factors underpinning the modest price expectation.
The expected price growth was highest (red) in states with low inventory levels, strong cash sales, and strong growth sectors (e.g., technology, oil).