American’s More Confident in Housing Than Ever Before
Americans are more confident about their housing prospects than ever before, with more believing now is “a good time” to buy or sell a home, according to the recent Fannie Mae Home Purchase Sentiment Index (HPSI). “The latest post-election surge in optimism puts the HPSI at its highest level since its beginning in 2011,” says Doug Duncan, chief economist and senior VP at Fannie Mae. “Millennials showed especially strong increases in job confidence and income gains- a necessary precursor for increased housing demand from first-time homebuyers.” The index registered an all-time high, 88.3, this past February. Forty percent of those surveyed believe now is a good time to buy a home, up 11 points from January, while 22 percent believe now is a good time to sell, up 7 points to an Index high. Seventy-eight percent- another Index high- believe they are secure in their jobs, and 19 percent, another high, report “significantly higher” incomes in the past year.