Home Selling Sentiment at Record High
Fannie Mae’s Home Purchase Sentiment Index (HPSI) gained a single point from September’s level, rising to 75.5, as consumer views about purchasing and selling homes improved in October.
Whether now is a good time to buy a property drew positive replies from 30% of those polled, up 3 points from the September poll. When asked if it was an excellent time to sell a home, 77% replied, yes, a 5 point increase from the previous month. Additionally, home prices are expected to continue to grow by 39% of the respondents. The net positive number of those who said they aren’t worried about losing their work in the next 12 months is 69%, up 4 points from September.
The number of those expecting lower mortgage rates continues to decline. Only 5% of people expected any rate reduction in October, while 55% expected rates to rise and 33% expected them to stay the same. The final factor, change in household income, a net of 11% of respondents stated their household income had increased in the previous year. Read More