Wednesday
June 28, 2017

REALTORS® Predict Highest Price Hikes in West

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REALTORS® Predict Highest Price Hikes in West

REALTORS® believe home prices will continue to escalate, particularly in the western region of the U.S.

REALTORS® expect the median price change in 10 western states—led by Washington, Utah, and Colorado—to increase between 5 percent and 7 percent over the next 12 months, according to April's  REALTORS® Confidence Index, which is based on survey responses from more than 3,400 REALTORS®. That area gets the highest prediction in the country. Meanwhile, REALTORS® expect  lower price increases in oil-producing states such as Texas: 2 percent to 3 percent over the next 12 months, according to the report.

Overall, REALTORS® are more optimistic about price increases this year than last. In 39 states, the expected home price change over the next 12 months is higher than the expected price change from one year ago.

REALTORS® also report more competitiveness in their markets due to low inventory. Buyers are having to make stronger offers, too. Forty-five percent of properties sold at or above the original listing price, up from 41 percent a year ago, according to the report.

—REALTOR® Magazine