Fannie Mae recently released its August 2017 National Housing Survey which showed that overall confidence in the housing market is on the rise. The Home Purchase Sentiment Index rose 1.2 percent to 88.0, just below June’s record high, according to the report.
Of the respondents, those that felt now was a good time to sell a house rose 8 percentage points, a figure that is now up 21 percent year-over-year. However, sentiment for home purchases continued to fall 5 percentage points to a total of 16 percentage points year-over-year, which is reflected in increasing home prices and lower confidence in the job market. Most consumers also didn’t report a significant change in income. Four percent of those questioned believe that mortgage rates will continue to drop as the year moves forward.
Further, according to the report, American’s expect both rental prices and home prices to increase in the next year, at 4.6 percent and 3.3 percent, respectively. Only 2 percent of those surveyed believe that home prices will go down.
Survey data was collected by asking financial decision makers of 1001 households aged 18 and older between August 1, 2017, and August 22, 2017. Interviews were conducted by Penn Schoen Berland.
You can read the full survey here.
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