Only 24 percent of American consumers think now is a good time to buy a home, according to the monthly survey conducted by Fannie Mae. This marks the lowest reading ever recorded since the lender began measuring homebuyer sentiment in 2010.
Rising mortgage rates, inflation, high home prices and general economic uncertainty are all to blame for the sinking sentiment.
As such, Fannie Mae also found 73 percent of Americans think the economy is on the wrong track. Additionally, 25 percent of consumers expect their financial situations to get worse over the next year.
Inman reports that in a March 10 forecast, Fannie Mae economists predicted that home sales will dip by 4.1 percent this year, to 6.6 million. new home sales are projected to grow by 12.3 percent, compared to a 6.1 percent decline in sales of existing homes.