Housing Sentiment Jumps on Consumers’ Selling and Personal Finance Optimism
"The significant increase in the HPSI in March reflects consumer optimism toward the housing market and larger economy as vaccinations continue to roll out, a third round of stimulus checks was distributed, and the spring homebuying season began – perhaps with even more intensity this year, since 2020's spring homebuying season was limited by virus-related lockdowns," said
Home Purchase Sentiment Index – Component Highlights
- Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home increased from 48% to 53%, while the percentage who say it is a bad time to buy decreased from 43% to 40%. As a result, the net share of those who say it is a good time to buy increased 8 percentage points month over month.
- Good/Bad Time to Sell: The percentage of respondents who say it is a good time to sell a home increased from 55% to 61%, while the percentage who say it's a bad time to sell decreased from 35% to 28%. As a result, the net share of those who say it is a good time to sell increased 13 percentage points month over month.
- Home Price Expectations: The percentage of respondents who say home prices will go up in the next 12 months increased from 47% to 50%, while the percentage who say home prices will go down decreased from 18% to 14%. The share who think home prices will stay the same remained unchanged at 29%. As a result, the net share of Americans who say home prices will go up increased 7 percentage points month over month.
- Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months decreased from 8% to 6%, while the percentage who expect mortgage rates to go up increased from 47% to 54%. The share who think mortgage rates will stay the same decreased from 38% to 34%. As a result, the net share of Americans who say mortgage rates will go down over the next 12 months decreased 9 percentage points month over month.
- Job Concerns: The percentage of respondents who say they are not concerned about losing their job in the next 12 months remained unchanged at 82%, while the percentage who say they are concerned also remained unchanged at 17%. As a result, the net share of Americans who say they are not concerned about losing their job remained unchanged month over month.
- Household Income: The percentage of respondents who say their household income is significantly higher than it was 12 months ago increased from 17% to 25%, while the percentage who say their household income is significantly lower decreased from 19% to 15%. The percentage who say their household income is about the same decreased from 61% to 56%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago increased 12 percentage points month over month.
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