Fannie Mae’s Home Purchase Sentiment Index surveys Americans about their feelings toward the housing market, buying and selling a home, job expectations, and their personal financial situation. The survey aims to get a general sense of how optimistic Americans are about their money and the real estate market. In July, the index fell 2.3 points, following two consecutive months of gains.
A Good Time To Sell
A drop in the number of respondents who said it was a good time to buy a home most likely caused the decline. On the other hand, the number of participants who said it was a good time to sell is increasing. In fact, the net share of those who say it’s a good time to sell was up 4 percent. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says that’s mostly due to home price expectations. “Supply constraints appear to be applying upward pressure to consumers’ home price expectations, which in turn has contributed to both a sharp reversal in optimism about whether it is a good time to buy a home and further improvement in home-selling sentiment,” Duncan said. Also in the report, the number of respondents who said they weren’t concerned about losing their job in the next year increased by 5%. This is potentially a good sign for future housing sentiment. Click on the link for more information (source).
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