Frustration Evident in Consumer Housing Sentiment

Only 17% Say It’s a ‘Good Time’ to Buy, Despite Known Aspiration to Own

WASHINGTON, Aug. 7, 2024 /PRNewswire/ — The Fannie Mae (OTCQB: FNMA) Home Purchase Sentiment Index^® (HPSI) decreased 1.1 points in July to 71.5, as an overall lack of affordability continues to hamstring consumer sentiment toward the housing market. This month, only 17% of consumers indicated that it’s a good time to buy a home, down from 19% in June, while the share believing it’s a good time to sell decreased from 66% to 65%. The shares expecting home prices to rise versus fall over the next 12 months converged but remain some distance apart at 41% and 21%, respectively. Twenty-nine percent of consumers expect mortgage rates to decrease over the next 12 months, while 31% expect them to increase. The full index is up 4.7 points year over year.

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