Earlier, Americans didn’t think it was a good time to buy or sell a house in March and April. In fact, coronavirus mitigation efforts had most of the country at home and unemployment was rising rapidly. However, since then, optimism has started to return.
Significant Increase in Optimism
Fannie Mae’s monthly Home Purchase Sentiment Index tracks consumers’ perception of the market, jobs, and their financial situation. There was a significant increase in the number of survey respondents who were optimistic about home buying and selling conditions in June. In fact, the net share of participants who said it was a good time to buy rose 21 percent over the previous month, while optimism about selling rose 23 percent.
Challenges Remain But Encouraging Data
According to economist Doug Duncan, the rebound is encouraging, but challenges remain. “A second month of improvement in June allowed the HPSI to regain some of the sharp losses in optimism observed in March and April,” Duncan said. “However, this activity may cool again in the coming months, depending on the extent to which it can be attributed to consumers having chosen to delay or to accelerate home buying plans due to the pandemic.” Follow the link for more information (source).
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