Fannie Mae’s monthly Home Purchase Sentiment Index is based on a survey of Americans. The survey asks participants for their perception of the current housing market, including where they think home prices and mortgage rates are headed, how secure they feel in their job and financial situation, and whether or not they think now is a good time to buy or sell a home. In May, affordability conditions had respondents less optimistic overall, though a growing share said they feel now is the right time to sell a home. According to the results, selling sentiment was up 8 percent from the previous month. But while respondents feel good about selling a house, they’re also feeling the effects of higher home prices and mortgage rates. Mark Palim, Fannie Mae’s vice president and deputy chief economist, says the survey found respondents high on selling but hesitant about buying. “As we near the end of the spring home buying season, the latest HPSI results indicate that affordability hurdles, including high home prices and mortgage rates, remain top of mind for consumers, most of whom continue to tell us that it’s a bad time to buy a home but a good time to sell one,” Palim said. (source)
