After months and months of declined confidence in the housing market, Americans are shifting their opinions. Data collected by Fannie Mae’s Home Purchase Sentiment Index shows an improved assurance after a 5 month decline.
“Three months after the presidential election, measures of consumer optimism regarding personal financial prospects and the economy are at or near the highest levels we’ve seen in the nearly seven-year history of the National Housing Survey,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.
It seems the new presidential administration has sparked consumer optimism in the economy, and their personal financial visions. This increase in housing optimism could spark an acceleration in housing action. However, it’s important to mention that even though consumers believe it’s an optimal time to sell their homes, they aren’t too thrilled about their prospects in purchasing a new home.
The American people’s belief that home prices would increase over the next year rose by seven percentage points while the percentage of those who believe it’s a good time to purchase a home decreased by three percentage points. The number of individuals who believe mortgages will stay the same remained unchanged.