Consumer Survey: Good Time to Buy, Prices Will Increase

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Posted To: MND NewsWire

Americans became decidedly more bullish about buying a home in May. Fannie Mae said its Home Purchase Sentiment Index (HPSI) nearly matched its survey high set in May 0f 2018, largely due to a 13- point increase in net positive responses to whether it is a good time to buy. The HPSI jumped 3.7 percent to 92.0, just shy of the 92.3 peak set exactly one year earlier. In addition to the increase in the net for the Good Time to Buy component, consumers who responded to the May National Housing Survey also showed increased confidence that home prices would increase while mortgage rates would move lower. The percentage of respondents who thought it is a good time to buy rose 6 points from April to 60 percent resulting in a net (positive responses minus negative ones) of 27 percent, 1 point lower...(read more)

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