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What Surveyed Americans Say About The Market
Dated: March 10 2023
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Fannie Mae's monthly Home Purchase Sentiment Index is based on a survey of Americans. The survey asks participants whether they think now is an excellent time to buy or sell a home, where they believe prices and mortgage rates are headed, and how they feel about their job security and financial situation. According to the most recent release, Americans feel slightly more cautious than in previous months. The index fell for the first time in three months, with respondents expressing concern about home-selling conditions and their job.
Doug Duncan, Fannie Mae's senior vice president and chief economist, says consumers hesitate about the economy. "The decline was partly driven by a substantial decrease in consumers' sense of home-selling conditions, with most respondents who indicated it's a 'bad time to sell' citing unfavorable economic conditions and mortgage rates as the primary reasons for that belief," Duncan said. "With home-selling sentiment now lower than it was pre-pandemic- and home buying sentiment remaining near its all-time low – consumers on both sides of the transaction appear to be feeling cautious about the housing market."
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