Housing Market Heats Up in Warmer Climates
Because of tight inventory, states in the West and South are expected to see home prices jump by 4 to 8 percent over the next 12 months, according to the latest data from the REALTORS® Confidence Index Survey.
The highest price growth in the next year is expected in California, Nevada, Arizona, Texas, Utah, Florida, Louisiana, Georgia and South Carolina, according to the survey of about 3,000 REALTORS®.
Nationally, prices are expected to increase by about 4 percent in the next 12 months, according to the data gathered in November.
A few states in colder climes are also expected to see larger price jumps as the housing markets are expected to warm up in places such as North Dakota, Minnesota, Michigan and Massachusetts.
The recent confidence index survey is the latest evidence that the U.S. housing market is in a completely different position than at this time in 2012. This fall saw solid price increases, steady inventory and strong demand, according to realtor.com® monthly data.