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Home » Is It a Bad Time to Buy a Home? High Rates, Prices Are Discouraging Buyers.
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Is It a Bad Time to Buy a Home? High Rates, Prices Are Discouraging Buyers.

News RoomBy News RoomAugust 8, 20230 Views0
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A home for sale in San Francisco.


Justin Sullivan/Getty Images

If you’ve been feeling beaten down by high mortgage rates and strengthening home prices, you’re not alone.

More than four in five respondents to Fannie Mae’s July survey gauging housing market sentiment said it was a bad time to buy a house, according to data released Monday. At 82%, the share of those negative on the prospects for buying a home was tied with January’s high. The survey data dates back to 2010.

Respondents’ distaste for buying a home right now likely stems from housing costs, Fannie Mae chief economist Doug Duncan said in a release. “It’s unlikely we’ll see housing sentiment catch up to other broader economic confidence measures until there is meaningful improvement to home purchase affordability,” the economist said. “Consumers continue to attribute the challenging conditions to high home prices and unfavorable mortgage rates.” 

Another defining factor of 2023’s housing market, the relatively low supply of existing homes for sale, looks unlikely to change any time soon, judging by survey data. The share of respondents who say it’s a good time to sell was 64% for the second month in a row. “We have not seen much movement in the ‘good time to sell’ component over the past few months, an indication that the current low levels of existing homes for sale will likely continue to persist in the near term,” Duncan said.

It isn’t just homeowners sitting on the sidelines. With mortgage rates continuing their upward climb, home prices strengthening, and consumers remaining downbeat on home buying, current renters may be hesitant to buy their first homes—particularly as rental options expand and more new units hit the market.

Roughly one-third of respondents said they would rent instead of buying if they moved, up from 27% last year. While 15% of homeowners surveyed said they would rent if they moved, about in line with the historic average, 67% of renters said the same—the highest share in the survey question’s history dating back to 2011.

Consumers surveyed by Fannie Mae began to sour on the housing market as home prices soared in the second half of 2021—and sentiment worsened the following year as mortgage rates rose. Sales of previously owned homes have lagged this year, with June’s seasonally-adjusted sales rate about 19% lower than the year prior.

Write to Shaina Mishkin at [email protected]

Read the full article here

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