Seventy-Eight Percent of Consumers Say Now is a Bad Time to Buy a House

By , on July 10th, 2023

Every month Fannie Mae surveys consumers to gauge their sentiment toward whether its a good time to buy or sell a home and publishes the result in their Home Purchase Sentiment Index® (HPSI).  In the most recent HPSI report, 78% of the people surveyed said they felt now was a bad time to buy a home, this is a decline from 80% in May.  Conversely, 22% of consumers think now is a good time to buy a home up from 19% the month before.  Interestingly enough, everyone had an opinion as the percentage of those that did not dropped to 0%, the first time it’s hit zero in the history of the survey.

Still a good time to sell..

Now is a good time to sell according to 64% of the consumers surveyed, which is down from 65% the month before and 36% think it’s a bad time to sell, up from 34% the month before.

[xyz-ips snippet=”Homes-For-Sale”]

Fannie Mae Home Purchase Sentiment Index Chart

(click on chart for live, interactive chart)
Fannie Mae Home Purchase Sentiment Index Chart

Is Now A Good Time To Sell?

(click on chart for the complete report)

Is Now A Good Time To Sell?

[xyz-ips snippet=”Homes-For-Sale”]

Survey Shows Majority Of Consumers Think Now Is A Good Time To Sell A Home But Not Buy One

By , on October 27th, 2022

Monthly, Fannie Mae surveys consumers to gauge their sentiment toward whether it’s a good time to buy or sell a home and publishes the result in their Home Purchase Sentiment Index® (HPSI).  As the chart below illustrates, in the most recent survey, which was just released, the HPSI index was at 60.8, the lowest level in nearly 11 years.  No doubt the higher interest rates and softening economy are taking their toll on homebuyer’s optimism about the prospects of buying a home in the current market.  This marks the seventh-consecutive monthly decline in the index and the first time since May 2020 that more consumers thought home prices would decline than not.  In September 2022, the month covered in the latest report, only 19% of consumers thought it was a good time to buy a home while 59% felt it was a good time to sell.

You can access all the data and charts from the Fannie Mae Purchase Sentiment report here.

[xyz-ips snippet=”Homes-For-Sale”]

Fannie Mae Home Purchase Sentiment Index Chart 

(click on chart for live, interactive chart)

Fannie Mae Home Purchase Sentiment Index Chart 

 

Fannie Mae Predicts Lower Home Sales and Home Prices Next Year

By , on October 13th, 2022

Yesterday, Fannie Mae released their October housing forecast in which they forecast, among other things, where home sales and prices are headed.  The report incudes a forecast for next year, which included:

  • Home prices in 2023 to decline 1.5% from 2022
  • Home sales to finish 2022 down nearly 18% from last year and drop another 22% in 2023
  • New home construction to end 2022 down 3.6% from last year and drop another 25% in 2023.
  • Mortgage Interest Rates will continue to rise the rest of these year, ending the year at 6.7% and then will ease back to 6.4% in 2023.

See Fannie Maes Complete Housing Forecast HERE

Two-Thirds Of Consumers Say They Would Buy A Home vs Rent If There Were To Move

By , on April 9th, 2022

Yesterday, I shared that, according to the Fannie Mae Home Purchase Sentiment Index (HPSI), nearly three-fourths of consumers think now is not a good time to buy a home.  However, the same survey that produced that data also showed that tw0-thirds of the consumers that responded said if they would buy a home vs rent if they were in fact going to move.  As our chart below illustrates, for 3 of the last four months, 66% indicated they would buy.  While the percentage that indicated they would buy was as high as 72% last May, it was in fact the same, at 66% a year ago in March as well as the year before that in March.  So, while consumers don’t think now is a good time to buy, it appears many are doing it or would do it, anyway.

Nearly 75 Percent Of Consumers Think Now Is A Bad Time To Buy a Home

By , on April 8th, 2022

Every month Fannie Mae surveys consumers about owning and renting a home as well as about other issues related to the housing market and economy and from the results publishes its Home Purchase Sentiment Index (HPSI).  One of the components of the index is what the sentiment is on whether now is a good time to buy a home or sell a home.  In April 2022, HPSI consumers’ sentiment on whether now is a good time to buy a home hit an all-time low with just 24% of respondents saying now is a good time to buy a home.  As the charts below illustrate, 73% of respondents said now was a bad time to buy a home.