By Builder
An overall lack of affordability restricted consumer sentiment in July, according to the latest Fannie Mae Home Purchase Sentiment Index (HPSI).
Following a rebound in June, the HPSI decreased 1.1 points in July to 71.5. While up 4.7 points compared to July 2023, home price expectations and job loss concern leave consumers with hesitation.
Only 17% of consumers indicated that it’s a good time to buy a home, down from 19% in June, while the share believing it’s a good time to sell decreased from 66% to 65%. The shares expecting home prices to rise versus fall over the next 12 months converged but remain some distance apart at 41% and 21%, respectively.
