While the majority of buyers and sellers feel it is a good time to buy and sell a home, that share continues to drop. Fannie Mae’s December survey found 52% of respondents think it is a good time to buy a home, a decrease from the previous month’s share of 57%. On the other end of the spectrum, 39% of respondents believe it is a bad time to buy, another increase from the previous 35%. CNBC reports about half of respondents say it is a good time to sell, which saw the greatest change with a 9% decrease from the November survey.
“The sell-side component fell for the first time since April, reversing most of the increases of the past three months and implying to us that, at least temporarily, potential home sellers might wait to list their homes,” said Doug Duncan, chief economist at Fannie Mae. “If so, this could have the effect of perpetuating already-tight inventory levels and supporting additional (albeit lesser) home price growth, which could contribute to a further moderating of home sales.”
Consumers are feeling less confident about the housing market because they are also feeling less sure about the U.S. economy. More respondents said they were concerned about keeping their jobs, and fewer said their household income had increased substantially.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
