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Steadily rising home prices and fluctuating mortgage rates have created the cheapest housing market in decades, but few consumers believe now is the right time to buy a home.
According to Fannie Mae’s recent Home Buyer Sentiment Index, 19 percent of consumers believe now is the right time to buy a home. In August, 22% of consumers said now is a good time to shop.
The Housing Market Index in September was 60.8, down 1.2 points for the seventh consecutive month. Meanwhile, the index fell by 13.7 points compared to last year.
In September, 75% of consumers said it was a good time to shop, up from 73% in August.
“The HPSI fell to its lowest level since October 2011 this month,” said Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae.
“Also, 75%of consumers believe that the purchase of housing is the first reason for a bad time, housing prices and the most expensive economy and mortgage interest.”
59%of the sellers had a good time selling, and the percentage of respondents and the percentage of respondents in August are on the cruel market for brokers’ homes that are difficult to sell from 35%to 35%.
Duncan said: “We expect to sell shelters until the delivery is limited and there is access to housing prices and mortgage loans and mortgage interests.
The number of respondents did not expect house prices to fall for the first time since May 2020.
In September, the percentage of respondents who said prices would rise in the next 12 months fell from 33% to 32%, while the percentage who said they would price will decrease increased from 33% to 35%.
Overall, the net share of survey respondents who said home prices will rise fell 3 percentage points each month.
“Consumer expectations for lower home prices were in line with higher surveys, with a higher percentage of consumers seeing home prices as falling rather than rising over the next year. Change. The start of the 2020 pandemic,” Duncan said.
The proportion of respondents who expect mortgage rates to drop in the next 12 months fell from 11% to 9% as the housing market remains volatile and Fed watchers expect at least three more rate hikes in the next few months.
Those who expected mortgage rates to fall in the next 12 months fell to 9%, interest fell from 11% to 9% and interest rose from 61% to 64%.
At the same time, the percentage of people who believe that mortgage rates will not change has fallen from 25% to 20%. Mortgage rates have been particularly volatile over the past week.
Mortgage rates rose to 7.12% on Friday from 6.53% on Monday, according to Mortgage News Daily.
Reference Source: Housing Wire
