Reversing a two-month trend where the average American is down on his or her housing prospects, the latest Fannie Mae housing survey shows this attitude markedly changed in the last month.
"In September, the share of consumers who say now is a good time to buy a home is back up to 68%, a four-percentage-point increase from August. Additionally, the share saying they would prefer to buy a home on their next move ticked back up to 66% after a three-point drop.
The results also show a notable jump in consumers’ views toward the economy, with 40% of those surveyed saying it is now on the right track – a five percentage point increase from last month."
During the past few months, the Fannie Mae survey of 1,000 Americans, who were interviewed by phone, cited geo-pilitcal factors as heavily weighing on their conscience.
Doug Duncan, senior vice president and chief economist at Fannie Mae said: “It might be too late to save this year’s home sales from posting the first decline in five years.
“However, the return to an upward trend in housing sentiment, combined with this month’s positive news on the jobs front, suggests that a broad-based, albeit measured, housing recovery is on track to resume in 2015,” Duncan added.
“The results of the past few months show that consumer optimism remains cautious and somewhat volatile, and we’ll likely continue to see bumps on the housing recovery path reflected in our survey results,” he concludes.