Americans Say They’d Rather Buy Than Rent

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Fannie Mae’s National Housing Survey is a monthly measure of how Americans feel about the housing market, buying or renting a home, mortgages, house prices, the economy, and their personal financial situation. In April, the survey found more Americans saying they’d like to buy a home the next time they move but fewer who think now is a good time to buy. The results likely reflect rising concern over increasing home prices and weakened economic conditions. Doug Duncan, Fannie Mae’s chief economist, said the spring and summer home buying season has gotten off to a stronger start and consumers’ sentiment toward the housing market has improved. “The share of consumers who intend to own rather than rent their next home rebounded after a two-month slide,” Duncan said. “Meanwhile, home price growth expectations strengthened to the strongest pace since last October. Nevertheless, consumers continue to express concerns about the recent weakening economic conditions and high home prices. These combine to depress the share of consumers believing it is a good time to buy a home.” According to Duncan, this supports the group’s view that residential real estate will see gains this year but they will be modest. More  here.

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