Housing Market Optimism Improves In May

Fannie Mae’s Home Purchase Sentiment Index is a monthly measure of how Americans feel about the housing market, buying and selling a home, the economy, and their personal financial situation. After hitting highs earlier in the year – with Americans optimistic about the market and their money – the index saw big declines after coronavirus mitigation efforts were put in place. But, according to the most recent results, consumer sentiment is starting to rebound. In fact, the overall index was up 4.5 points in May, with an increasing number of respondents who said they felt like now was a good time to buy or sell a home. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says there are still concerns but Americans are gaining confidence. “Low mortgage rates have helped cushion some of the impact of the pandemic on consumer sentiment regarding whether it’s a good time to buy a home, which picked back up this month to late-2018 levels,” Duncan said. “Home-selling sentiment remains severely dampened due primarily to economic concerns, though increased purchase activity may improve the confidence of some potential sellers.” (source)

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