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Survey Finds Buyers Adapting to Market Conditions

Fannie Mae's Home Purchase Sentiment Index is a monthly survey of Americans which tracks perceptions of the housing market, mortgage rates and home prices, and whether it's a good time to buy or sell a home. In June, the index was relatively flat, with few changes seen from the month before. Among the results, the component measuring whether respondents feel it's a good time to buy a home was up 5 percent, while the share of participants who believe it's a good time to sell fell 3 percent. Doug Duncan, Fannie Mae's senior vice president and chief economist, says most other gauges were unchanged. “Home prices continue to be supported by the tight supply of homes available for sale and, compared to the end of last year, fewer respondents today believe home prices will decrease over the next 12 months,” Duncan said. “Additionally, consumers' think mortgage rates will stay the same over the next year, whereas mid-to-late last year, most thought rates would continue going up.” Duncan believes the results are a sign home buyers are starting to adapt to the idea that affordability conditions have settled and will remain fairly steady in the coming months.

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