Home purchase sentiment reached an all-time survey high in July, an indication that Americans are feeling more upbeat about the housing market. Overall the level of confidence stands at 86.5%. Each of the index’s six components, including selling outlook also rose last month.The share of consumers who said they would buy if they were going to move climbed to 67 percent, an all-time survey low.
Forty-one percent of consumers expect home prices to rise over the next 12 months, an increase of 8 percentage points from June. Household income rebounded in July as well, rising 3 percentage points to 11 percent.
One interesting potential bright note for housing in the July survey is that younger households may finally be shifting toward buying rather than renting in greater numbers. One factor influencing the decision to buy is that rents are significantly on the rise and mortgage rates remain at all-time lows.
Here are some additional findings from the latest survey:
- 33% of Americans say it’s a good time to buy a house.
- 20% of Americans say it’s a good time to sell a home, a new survey high.
- 41% of Americans believe home prices will rise.
- 36% of Americans believe mortgage rates will drop over the next year.
- 69% of Americans say they are not concerned with losing their job.
- 11% of Americans say their household income is significantly higher than 12 months ago.
Source: Fannie Mae
For the professional guidance and advice you need to make a wise decision, call or text Bob Reid at Coldwell Banker AJS-Schmidt at (616) 821-4375.