REALTOR.com’s recently released "2014 Housing Review" report found that 2014 "demonstrated a steady build-up of housing momentum," which it said was fueled by improving economic fundamentals, low mortgage rates and constrained inventory.

"Many of the gains that we recently predicted in the REALTOR.com ‘2015 Housing Forecast’ are built on housing growth established in 2014. Overall, this year's housing market showed steady advances over 2013 with significant improvement in key housing metrics, despite some remaining challenges," said Jonathan Smoke, chief economist for REALTOR.com. "Increases in job creation and gross domestic product (GDP) have had a significant impact on consumer confidence and home buyer demand."

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