Every month Fannie Mae surveys how consumers feel about home buying and selling. Here’s a quick rundown of the June mood:
– 64% percent of people think it’s bad time to buy a home, up from 56% in May
– 77% think it’s a good time to sell, up from 67% in May
– 68% said they’d buy a home if moving, down from 72% in May
– 27% said they’d rent a home if moving, up from 23% in May (and 4% don’t know what they’d do)
– 41% expect their financial situation to get better next 12 months, 16% expect worse, 40% expect same
– 62% think they’d get a mortgage easily today vs. 33% think it’d be difficult
Below is Fannie Mae chief economist Doug Duncan with key notes on the bigger picture.
Also below is a link to Fannie’s full June consumer sentiment data.
And here’s a link to the chart with all of these stats.
“Consumers continued to cite high home prices as the predominant reason for their ongoing and significant divergence in sentiment toward homebuying and home-selling conditions.”
“While all surveyed segments have expressed greater negativity toward homebuying over the last few months, renters who say they are planning to buy a home in the next few years have demonstrated an even steeper decline in homebuying sentiment than homeowners. It’s likely that affordability concerns are more greatly affecting those who aspire to be first-time homeowners than other consumer segments who have already established homeownership.”
“Despite the pessimism in homebuying conditions, we expect demand for housing to persist at an elevated level through the rest of the year. Mortgage rates remain not too far from their historical lows, and consumers are expressing even greater confidence about their household income and job situation compared to this time last year, when the pandemic had shut down wide swaths of the economy.”
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