Most American consumers strongly think it is a good time to sell as home prices show no signs of dropping anytime soon.
Fannie Mae’s Home Purchase Sentiment Index (HPSI) was largely unchanged in June at a reading of 79.9. However, there was a notable discrepancy between its “Good Time to Buy” and “Good Time to Sell” components. The share of consumers who think it is a good time to buy was just 32%, compared to 77% of those who think it’s a good time to sell.
“The HPSI remained flat this month, although its underlying buy and sell components continued to diverge, setting record positive and negative readings, respectively,” said Fannie Mae chief economist Doug Duncan. “Consumers also continued to cite high home prices as the predominant reason for their ongoing and significant divergence in sentiment toward homebuying and home-selling conditions.