Morning Minute: Majority of consumers and REALTORS® expect home prices to rise

Ask consumers and REALTORS® where they think home prices will be heading in the next 12 months and the majority of both agree on the same answer — up.

Two recent surveys — the Fannie Mae April 2013 National Housing Survey and the March REALTORS® Confidence Index (RCI) Survey — showed growing confidence in home prices.

For the first time in three years, the majority of consumers (51 percent) polled by Fannie Mae said they expect home prices to climb in the next 12 months. At the same time, 94 percent of REALTORS® surveyed by the National Association of REALTORS® said they expect constant or increased prices over the same period.

“For the first time in the survey’s three-year history, the majority of Americans surveyed now expect home prices to increase,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Crossing the 50 percent threshold marks a significant milestone as most Americans believe a housing recovery is truly occurring throughout the country.

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