US House Photo: Amy Kellogg/Flickr

In a post on its Economists’ Outlook blog Wednesday, the National Association of Realtors (NAR) wrote that well over half of realtors reported rising home prices in the US. According to the Realtors Confidence Index Survey, 61 percent of realtors said that the prices were on the uptick, compared to 43 percent in December 2014, 60 percent in May 2015 and 68 percent in June 2014.

Of the sales reported by the realtors, about 16 percent sold for more than the listing price, compared to 11 percent earlier this year.

The rising prices are due to strong demand and low supply of homes for sale. Slow income growth isn’t helping potential home buyers manage the cost, either.

On the bright side, the increasing prices are helping homeowners with equity problems and homes are still generally affordable. Also, the May median family income of $66,608 was much higher than the income needed to buy a home, which was $41,712.

The NAR post was published by Jed Smith, the managing director of quantitative research at NAR. The Realtors Confidence Index is a report on the state of the housing market based on data from a survey sent to 50,000 realtors each month.

The survey quizzes realtors about home sales, prices and market conditions and also includes a “question of the month” about a current issue in the industry.

Distribution Price Change Image: Economists’ Outlook

Properties Sold at Net Image: Economists’ Outlook

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