Home prices march up
The housing market will warm up this spring, and home prices will likely rise steadily for the rest of this year. But this is still a great time to buy a home, the Realtors' Smith says.
"We sort of see the market being about what it was last year, with prices probably going up between 5 (percent) and 6 percent in 2014," he says. "That's a good market, not a rip-roaring market."
Prices up, sales down
The median price for previously sold homes was $189,000 in February, up 9.1 percent compared to the same period last year, according to the latest report by the Realtors. Home prices have climbed even though home sales had slowed down in recent months because of the cold weather.
The steady increase is partially attributed to the limited inventory of homes available for sale.
"That has been a major issue," Smith says. But more sellers are expected to list their homes in the coming months, he says.