New survey results from Fannie Mae show only 35 percent of consumers believe it’s a good time to buy a home—down from 53 percent in March—marking an all-time low confidence number. This comes despite consumers reporting a much greater sense of job security and improved household income compared to the same time last year.
The Fannie Mae Home Purchase Sentiment Index did, however, find the majority of consumers would buy over rent. The share of consumers who say they’d buy a home if they moved hit all-time high of 72 percent, according to the survey.
“Consumers appear to be acutely aware of higher home prices and the low supply of homes,” said Doug Duncan, Senior Vice President and Chief Economist. “However, despite the challenging buying conditions, consumers do appear more intent to purchase on their next move, a preference that may be supported by the expectation of continued low mortgage rates, as well as the elevated savings rate during the pandemic, which may have allowed many to afford a down payment.”