According to Fannie Mae’s most recent monthly National Housing Survey, consumer sentiment continues to improve. In fact, the share of people who believe the economy is on the right track rose to a five-year record high. It also exceeded the share of people who believe it’s on the wrong track for the first time. Another record high registered in the survey was related to mortgages: 54 percent of Americans surveyed said they believe getting a mortgage is easy.
Fannie Mae’s chief economist, Doug Duncan, attributes the rise in consumer confidence to employment growth, which is also reflected in their improved feelings about getting a mortgage. Additionally, he maintains that the ongoing improvements seen through the monthly survey substantiate his expectation that the housing market will pick up as we go through 2015.
Other recent reports support an improving housing industry:
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As of January, existing-home sales were higher than a year ago for the fourth straight month, according to the National Association of Realtors (NAR).
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According to NAR, a rise in buyer demand pushed pending home sales up in January to the highest level since August 2013.
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A new Reuters poll of economists predicts that home sales will pick up in the second quarter and then maintain a brisk pace for the rest of the year.
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Thirty-eight of the 50 states, plus the District of Columbia, are now showing an improving three-month trend in housing activity, according to Freddie Mac’s latest Multi-Indicator Market Index.
