Americans are growing optimistic about buying a home, survey finds

July 10, 2012
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Housing market confidence among Americans continues to trend in a positive direction despite stalling optimism about the economy and personal finances, according to results from Fannie Mae’s June 2012 National Housing Survey.

The mortgage-finance company’s survey of over 1,000 Americans last month found that 73 percent believe it is a good time to buy a home, increasing from 72 percent of the respondents in May.

“While consumers remain cautious about the general economy, their attitudes toward the housing market continue to improve,” said Doug Duncan, senior vice president and chief economist of Fannie Mae.

“Although this positive trend may be short-lived if the general economy falters, one might ask whether consumers are increasingly seeing the current environment as a unique opportunity to buy a home while home prices remain depressed, rental costs are increasing, and interest rates are near historic lows,” Duncan said.

Respondents of the survey expect home prices to increase two percent in the next year, on average, and 35 percent of Americans say that home prices will go up in the next 12 months.

In addition, the share of consumers who say they would buy if they were going to move increased by six percentage points.

Other findings of the survey include:

  • 36 percent of Americans think the economy is on the right track
  • 57 percent think the economy is on the wrong track
  • The percentage of respondents who expect their financial situation to remain the same over the next year dropped four percentage points from last month to 42 percent
  • Only 18 percent of respondents say their household income has improved.

For detailed findings from the June 2012 survey, visit the Fannie Mae Monthly National Housing Survey site.

About Diana Dietz, e-PRO:
Diana Dietz is the Communications Manager at the Pennsylvania Association of Realtors®. Follow Diana on Twitter.
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4 Responses to Americans are growing optimistic about buying a home, survey finds

  1. Diana Dietz on September 17, 2012 at 8:57 am

    Hi Judy,

    You can find a link to the survey at the very bottom of the article or you can find it here:

    http://www.fanniemae.com/portal/research-and-analysis/housing-monthly.html

    Thanks!

    Diana

  2. Judy Greene on September 12, 2012 at 2:54 pm

    I cannot find the Fannie Mae Monthly National Housing Survey site. The last month is July, 2012. I know I will get questions about it.

  3. Jayson on July 15, 2012 at 11:04 am

    It is a great time to buy a home. There are lots of great deals, mortgage rates are at their lowest point since forever, and there’s a lot of pre-existing homes and new homes being built that even when prices start going up there will still be a lot of choices.

  4. Jerry Charlton on July 10, 2012 at 9:52 pm

    Forget all the noise about good time, bad time, whatever time… Just buy a house because you want to enjoy living in your own home… The prices will go up, down, sideways, whatever ways, all the while you’re sitting out back enjoying your own backyard.
    The stock market can do the same.. up, down, sideways, whatever ways, all the while your painting the colors you want or building the deck you want….or just doing whatever you want.. Just tune out the noise, hire a top Realtor and Mortgage broker and buy the home you want… Everything else will take care of itself in time….

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