In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members “In the neighborhood or area where you make most of your sales, what are your expectations for residential property prices over the next year?”

Among REALTORS® who responded to the March 2017 survey, the median expected home price change in the next 12 months was four percent (3.8 percent in February 2017; 3.7 percent in March 2016), based on the March 2017 REALTORS® Confidence Index Survey Report. [1] Lack of supply amid strong demand has propped up home prices.

The map below shows the median expected price change of the respondents in the next 12 months at the state level.[2] Thirteen states, led by Washington, Colorado, and Utah, had median expected price growth in the range of four to seven percent. The oil-producing states of Alaska and North Dakota have the lowest median expected price change; respondents expect a decline in Alaska home prices and growth of two percent in North Dakota in the next 12 months.

price change

Looking at the values over time in selected states, the median expected price change appears to be increasing again, indicating that respondents expect demand to remain strong, even as home prices continue to rise.[3] In many states, the expected price change in the next 12 months is higher than the expected price change one year ago.

west statesmidwest statessouth statesnortheast states

[1] The median expected price change is a measure that represents the middle value of the distribution of responses.

[2] To increase the number of observations for each state, NAR uses data from the last three surveys.

[3] The selected states shown in these charts are those with approximately 150 observations.

 

 

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