Survey Shows Two-Thirds of Americans Think Now Is a Good Time to Buy a House

The Fannie Mae monthly national housing survey for July 2014 shows 67 percent of those surveyed feel now is a good time to buy a home, down from 70 percent that felt that way the month before and down from 74 percent that responded in July 2013 that it was a good time to buy.   Forty-three percent of the respondents feel now is a good time to sell a home, an increase from 40 percent the month before and up from July 2013 when 40% felt it was a good time to sell. Other Fannie Mae Housing Survey Highlights:

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  • Respondents expect home prices to increase in the next 12 months, on average, by 2.3%, down from 2.4% the month before and down from 3.9% in July 2013.
  • Forty-five percent think home prices will rise in the next 12 months, down from 46% the month before and down from 53% a year ago.
  • Eight percent feel hime prices will fall in the coming 12 months, down from 10% the month before and up from 6% a year ago.
  • Fifty-four percent feel mortgage interest rates will rise in the next 12 months, down from 55% from the month before and down from 62% a year ago.
  • Those who say it is a good time to buy a house fell to 67 percent, and those who say it is a good time to sell a house rose to 43 percent — tying the survey high.
  • Respondents expect rental rates to increase in the next 12 months, on average, by  3.8 percent, down from 4.3% the month before and down from 4.2% the year before.
  • Fifty percent of respondents think it would be difficult form them to get a home mortgage today, up from 46% the month before and down from 52% a year ago.  On the other hand, 47% feel it would be easy to get a mortgage today, down from 52% the prior month and up from 45% a year ago.
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