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How Do Americans Feel About The Housing Market?
Dated: February 16 2023
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Each month, Fannie Mae surveys Americans to gauge their feelings about the housing market. Survey respondents are asked whether they think it's an excellent time to buy or sell a home, where they think mortgage rates and home prices are headed, and how they're doing financially. The results make up Fannie Mae's monthly Home Purchase Sentiment Index. In January, the index rose for the third consecutive month.
Despite the gains, though, it remains below its pre-pandemic highs. Respondents say home prices will fall over the next 12 months, and mortgage rates will climb. The share who says it's a good time to buy a house remains low, but potential sellers feel more optimistic. Doug Duncan, Fannie Mae's senior vice president and chief economist, says affordability is key to where the market goes. "Although 'good time to sell' sentiment ticked upward this month, it's still much lower than it was a year ago ..." Duncan said. "Until we see improvements in affordability via lower home prices and mortgage rates, we expect home sales to remain muted in the coming months."
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