June’s housing market saw a boost in consumer confidence with a Home Purchase Sentiment Index score of 76.5, which was a 9 point increase from May.
61% of people surveyed think that now is a good time to buy a home, which is up from 52%. 41% also think that it’s a good time to sell a house and 34% of people think that home prices will increase over the next 12 months. These statistics indicate increases across the board in confidence in the housing industry.
“‘A second month of improvement in June allowed the HPSI to regain some of the sharp losses in optimism observed in March and April,’ said Doug Duncan, senior vice president and chief economist for Fannie Mae, in a statement. ‘The share of renters who say it’s a good time to buy a home is now at its highest level in five years, suggesting favorable conditions for first-time home buying, consistent with the recent rebound in home purchase activity.’”