Home Buying Sentiment Improves Slightly
Consumers felt a little better about the wisdom of buying a home last month than they did in July, although that isn’t saying a lot. Fannie Mae says 32 percent of respondents to its August National Housing Survey (NHS) said it was a good time to buy, up from 28 percent in July. Those who said it was a bad time declined by 3 percentage points to 63 percent, leaving net positive responses at a negative 31 percent, 7 points higher than the prior month but down by 55 points year-over-year.
Seventy-three percent of those surveyed said it was a good time to sell, but this was down from 75 percent in July and marked the second monthly decline. Net positive responses declined to 54 percent, down 1 point from July and 8 points compared to June.
The six questions from the NHS that are used to construct the Home Purchase Sentiment Index (HPSI) split evenly between gainers and losers last month and the Index remained flat at 75.7, a 1 point dip from July, and 1.8 points lower than in August 2020.
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