According to Fannie Mae’s most recent monthly National Housing Survey, consumers are increasingly more positive about the housing market. In fact, when asked if they felt it was a good time to sell a home, 52 percent of survey respondents said they believe now is a good time to sell. This represents the first time that figure has surpassed 50 percent in the entire history of Fannie Mae’s monthly National Housing Survey.
An all-time high was also recorded for the question about the direction of rental home prices. Of those surveyed, 59 percent said they expect rents to rise over the next 12 months, an increase of four percentage points compared to May.
Fannie Mae’s chief economist, Doug Duncan, believes these two results when combined, could indicate that the home sales market will remain on an upward trend. Said Duncan in a news release, “These results point to a healthier home purchase market, with more renters likely to find owning to be more cost-effective than renting and more sellers likely to put their homes on the market.”
Other recent reports also support an improving housing industry:
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Existing-home sales rose in May to their highest pace in nearly six years, according to the National Association of Realtors (NAR).
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New-home sales surged to the highest rate since February 2008, according to a report from the Commerce Department.
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Pending home sales rose in May to the highest level since April 2006, according to NAR’s Pending Home Sales Index.
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According to NAR, 45 percent of homes sold in May were on the market for less than a month.
