Americans’ optimism about the housing market has grown as the spring selling season gets underway, with 42 percent saying now is a good time to sell a home, according to Fannie Mae’s April 2014 National Housing Survey. Meanwhile, 69 percent of Americans say now is a good time to buy a home.
Also, fewer Americans report being concerned about losing their job, which may urge more potential home buyers off the fence, Fannie Mae’s survey notes. However, 39 percent of respondents say their household expenses are significantly higher than they were 12 months ago.
“Our April survey results suggest that consumer confidence is moving in a positive direction,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “Consumer attitudes about the current home-selling environment have improved and now are at the most favorable level we’ve seen in the survey’s four-year history. Consistent with Friday’s upbeat jobs report, concern about job loss among employed consumers also has hit a record survey low. These results are in line with our expectations for increased housing activity and gradual strengthening of the housing market going into the spring and summer selling season.”
Fifty percent of survey respondents say they believe home prices will go up in the next 12 months, with expectations averaging 2.9 percent. The share of Americans who expect home prices will fall was at 5 percent, an all-time survey low.
Source: Fannie Mae