Country-Wide Optimism About Housing Market
Whether or not you feel like it's a good time to buy or sell a house depends a lot on your perception of the housing market. That's why Fannie Mae conducts a monthly survey to gauge Americans' feelings about current conditions, their financial situation, mortgage rates, home prices, etc. After all, if people have a positive view of the market, they're more likely to make a move. And, according to the most recent Home Purchase Sentiment Index, Americans are feeling optimistic right now. Fannie Mae's chief economist, Doug Duncan, says the index remains near its all-time high. “The HPSI hit and remained near an all-time high in 2019, driven by the 16-percentage point year-over-year increase in the share of consumers believing it is a good time to buy,” Duncan said. In December, 59 percent of participants said they think now is a good time to buy a house. Additionally, 65 percent said it's a good time to sell. In other words, a majority of survey participants have a positive view of the market and – with mortgage rates low, prices slowing, and home construction increasing – optimism may grow even stronger as we approach the spring season. Read more here.