Summer Housing Sentiment Hits Record High

How are Americans feeling about the real estate market this summer? Well, according to Fannie Mae’s monthly Home Purchase Sentiment Index, as good as ever. The index – which measures consumers’ attitudes about home prices, buying and selling, mortgage rates, etc. – found overall sentiment up in June, even matching February’s all-time high. Doug Duncan, Fannie Mae’s senior vice president and chief economist, said Americans are feeling optimistic overall but particularly about selling a house. “The June HPSI reading matches the previous record set in February and reflects the trend toward a sellers’ market that respondents indicated last month,” Duncan said. “Consumers are also growing more optimistic about their ability to get a mortgage, and lenders expect credit standards to ease further going forward, as shown in our Mortgage Lender Sentiment Survey.” But despite the good news, Duncan warns that, with fewer homes for sale this season, easing credit standards could have the unintended consequence of pushing home prices higher. Still, even with the challenges today’s market presents, buyers remain eager. In fact, the number of respondents who said now was a good time to buy a house was up 3 percent in June. More here.

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