Americans More Optimistic About Housing Market

It's no surprise that Americans surveyed in March and April didn't feel it was a good time to buy or sell a house. Coronavirus mitigation efforts had most of the country at home and unemployment was rising rapidly. But, since then, optimism has started to return. In fact, according to Fannie Mae's monthly Home Purchase Sentiment Index – which tracks consumers' perception of the market, jobs, and their financial situation – June saw a significant increase in the number of survey respondents who view home buying and selling conditions positively. In fact, the net share of participants who said it was a good time to buy rose 21 percent over the previous month, while optimism about selling rose 23 percent. Doug Duncan, Fannie Mae's senior vice president and chief economist, says the rebound is encouraging, but challenges remain. “The second month of improvement in June allowed the HPSI to regain some of the sharp losses in optimism observed in March and April,” Duncan said. “However, this activity may cool again in the coming months, depending on the extent to which it can be attributed to consumers having chosen to delay or to accelerate home buying plans due to the pandemic.”

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