The share of respondents who said it’s a good time to buy a home decreased from 19% to 17%, while the percentage who said it’s a bad time to buy increased from 81% to 82%.
Meanwhile, the net share of those who say it’s a good time to sell a home decreased 2% month over month to 65%.
“Our recently published Mortgage Understanding Study reaffirmed what we’ve long known: that a significant majority of consumers want to own a home,” said Duncan. “However, 82% told us in July that it’s a ‘bad time’ to buy, a share that’s remained consistent since January 2023, and these particular respondents continue to point to elevated prices and mortgage rates as the primary reasons for that belief.”
Consumer expectations for home prices and mortgage rates also continue to reflect the ongoing affordability challenges. The net share of those who say home prices will rise over the next 12 months decreased seven percentage points, while the net share who expect mortgage rates to decline increased five percentage points.
“There seems to be little expectation among the general population that homebuying conditions will improve in the near future: More consumers than not see home prices rising further; and slightly more consumers think mortgage rates will increase, rather than decrease, over the next 12 months,” Duncan added.
Source: mpamag.com