Fannie Mae’s June 2015 National Housing Survey found that 52 percent of respondents feel now is a good time to sell a home — crossing the 50 percent threshold for the first time in the survey’s history. Last month, 49 percent of respondents expressed that sentiment.
Those who say it is a good time to buy a house fell to 63 percent, tying a survey low.
Respondents’ average 12-month home price change expectation fell to 2.6 percent, and the share of respondents who believe home prices will go up in the next 12 months fell to 47 percent. And the share of respondents who think home prices will go down rose to 7 percent.
The share of respondents who say mortgage rates will go up in the next 12 months rose 3 percentage points to 50 percent. Those who think it would be easy to get a home mortgage remained at 50 percent, while those who think it would be difficult remained at 46 percent.
Meanwhile, 59 percent of respondents said they expect home rental prices to increase in the next year — also an all-time survey high and an increase of 4 percent over the previous month’s assessment. Sixty-four percent of respondents, or 2 percent fewer than last month, said they would buy a home the next time they moved, while the share who said they would rent increased to 34 percent.
What influenced these responses? According to Doug Duncan, senior vice president and chief economist at Fannie Mae, it was the positive impact on housing of job and income growth. The share of respondents who think economy is on the right track increased by 1 percent to 39 percent, while those who say the economy is on the wrong track fell by 1 percent to 51 percent.