Confidence In Housing Market Spikes
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Sunny housing outlook image via Shutterstock.
In May, Americans got a lot more optimistic about the housing market.
Both the share of Americans who believe now is a good time to sell and the share of Americans who think now is a good time to buy rose sharply from April to May, with widespread reports of rising home prices, according to Fannie Mae.
The share of respondents who say now is a good time to sell jumped 10 percentage points in May, rising from 30 to 40 percent on a monthly basis, according to the results of Fannie Mae’s May 2013 National Housing Survey.
That indicates that the number of sellers confident in the housing market has more than doubled in the last year. Just 16 percent said “now is a good time to sell” in April 2012.
“Sentiment toward selling a home appears to be catching up with the strengthening housing market,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The share of consumers who think it’s a good time to sell a home spiked this month, the largest increase in the survey’s three-year history.”
“This jump may foreshadow a gradual return to more normal levels of housing supply from their lows of recent months. In turn, increased housing supply could serve to temper increasing consumer home price expectations. We will closely watch the potential impact of rising mortgage rates on consumer housing sentiment in the coming months.”
– See more at: http://www.inman.com/2013/06/10/confidence-in-housing-market-spikes/#sthash.YP13POg1.dpuf