Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Consumer confidence in housing hits all-time high

Posted by Mastura Zaini-Roberts on Wednesday, March 8th, 2017 at 1:51pm.

Consumer confidence in housing is at an all-time high, with millennials posting strong increases in confidence, according to new data from Fannie Mae.

The Fannie Mae Home Purchase Sentiment Index (HSPI) spiked by 5.6 percentage points last month to 88.3, the highest it’s been since Fannie started keeping records. Five of the HPSI’s six components were up, with three hitting all-time highs.

The net share of Americans who believe that now is a good time to buy a home spiked by 11 percentage points, while the share who believe it’s a good time to sell rose seven percentage points. The share of Americans who report a significant increase in their household income rose by four percentage points. Consumers were also more confident about keeping their jobs, according to Fannie Mae. 

More Americans also expect their homes’ prices to go up, with the net share rising three percentage points. The percentage of people who think mortgage rates will go down, however, held steady for the third consecutive month. 

“The latest post-election surge in optimism puts the HPSI at its highest level since its starting point in 2011. Millennials showed especially strong increases in job confidence and income gains, a necessary precursor for increased housing demand from first-time homebuyers,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Preliminary research results from our team find that millennials are accelerating the rate at which they move out of their parents’ homes and form new households. However, continued slow supply growth implies continued strong price appreciation and affordability constraints facing millennials and first-time buyers in many markets.”
 
by Ryan Smith
08 Mar 2017

Mastura Roberts
(702) 710-3330
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"

Related Blog Posts

Why Now is The Time To Buy A Las Vegas Home For Sale

Las Vegas real estate is on the rise and is showing no signs of slowing down. The interest rates within the housing market have kept the city hopping and remaining in full form without ever skipping a beat. These phenomenal interest rates have been the deciding factor in why so many people are getting themselves int...

Buyer demand hits new high

January proved to be a good start for the new year, as housing demand rose by 6.5%, according to Redfin.The company’s housing demand index reached a seasonally adjusted level of 130 last month, the highest since Redfin started tracking demand in January 2013.Year-over-year, buyer demand rose by 22.9%; tour reques...

The 20% Mortgage Down Payment Is Dead

For first-time home buyers, the challenge of coming up with a 20% mortgage down payment is often difficult enough to keep them out of the market. But the fact is, the 20% down payment is all but dead — and has been for quite some time, especially for first-time buyers. Most buyers make down payments lower than 2...

Home for Sale in Henderson, Nevada. 640 Marlberry Place, Henderson NV 89015

  The Tonnesen Team, Berkshire Hathaway’s #1 team in Las Vegas, is proud to present this single-family home for sale in Henderson, Nevada. 940 Marlberry Place with its red tile roof and 2 car garage sit on a large corner lot with a mature shade tree accenting its desert landscaping and a bubble drip sys...

5 Reasons Why Your Home Still Hasn’t Sold

The housing market has made some significant strides over the last several years and home sales have been on a steady climb in most locations. That’s encouraging if you’re planning to sell but it doesn’t guarantee that buyers will come flooding in once your home hits the market. If you&...

Leave a Comment

Have a Question?

Contact Us

Follow Us