WASHINGTON, Oct. 7, 2014 /PRNewswire/ -- Following a recent
dip in consumer housing optimism, most indicators have rebounded to
the modestly positive trend seen throughout 2014, according to
results from Fannie Mae's September
2014 National Housing Survey. Turbulent geo-political
factors likely weighed on Americans' attitudes toward the housing
market during the past couple of months. In September, the share of
consumers who say now is a good time to buy a home is back up to 68
percent, a four-percentage-point increase from August.
Additionally, the share saying they would prefer to buy a home on
their next move ticked back up to 66 percent after a three-point
drop. The results also show a notable jump in consumers' views
toward the economy, with 40 percent of those surveyed saying it is
now on the right track – a five percentage point increase from last
month.
"The September National Housing Survey shows a slight recovery
in consumer housing sentiment after a two-month setback, bringing
us back to the modestly positive trend we've seen over the last
year," said Doug Duncan, senior vice
president and chief economist at Fannie Mae. "It might be too late
to save this year's home sales from posting the first decline in
five years. However, the return to an upward trend in housing
sentiment, combined with this month's positive news on the jobs
front, suggests that a broad-based, albeit measured, housing
recovery is on track to resume in 2015. The results of the past few
months show that consumer optimism remains cautious and somewhat
volatile, and we'll likely continue to see bumps on the housing
recovery path reflected in our survey results."
SURVEY HIGHLIGHTS
Homeownership and Renting
- The average 12-month home price change expectation rose to 2.2
percent.
- The share of respondents who say home prices will go up in the
next 12 months rose to 45 percent. The share who say home prices
will go down decreased to 8 percent.
- The share of respondents who say mortgage rates will go up in
the next 12 months fell by five percentage points to 45
percent.
- Those who say it is a good time to buy a house rose to 68
percent. Those who say it is a good time to sell also increased—to
39 percent.
- The average 12-month rental price change expectation fell to
3.2 percent.
- The percentage of respondents who expect home rental prices to
go up in the next 12 months increased to 55 percent.
- The share of respondents who think it would be difficult to get
a home mortgage today decreased by one percentage point.
- The share who say they would buy if they were going to move
rose to 66 percent, while the share who would rent decreased to 28
percent.
The Economy and Household Finances
- The share of respondents who say the economy is on the right
track jumped by five percentage points from last month to 40
percent.
- The percentage of respondents who expect their personal
financial situation to get better over the next 12 months fell to
41 percent.
- The share of respondents who say their household income is
significantly higher than it was 12 months ago increased by two
percentage points to 25 percent.
- The share of respondents who say their household expenses are
significantly higher than they were 12 months ago increased
slightly to 37 percent.
The most detailed consumer attitudinal survey of its kind, the
Fannie Mae National Housing Survey polled 1,000 Americans via live
telephone interview to assess their attitudes toward owning and
renting a home, home and rental price changes, homeownership
distress, the economy, household finances, and overall consumer
confidence. Homeowners and renters are asked more than 100
questions used to track attitudinal shifts (findings are compared
to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and
shares monthly and quarterly results so that we may help industry
partners and market participants target our collective efforts to
stabilize the housing market in the near-term, and provide support
in the future.
For detailed findings from the September
2014 survey, as well as a podcast providing an audio
synopsis of the survey results and technical notes on survey
methodology and questions asked of respondents associated with each
monthly indicator, please visit the Fannie Mae Monthly National
Housing Survey page on fanniemae.com. Also available on the site
are in-depth topic analyses, which provide a detailed assessment of
combined data results from three monthly studies. The September 2014 Fannie Mae National Housing Survey
was conducted between September 2,
2014 and September 22, 2014.
Most of the data collection occurred during the first two weeks of
this period. Interviews were conducted by Penn Schoen Berland, in
coordination with Fannie Mae.
Opinions, analyses, estimates, forecasts, and other views of
Fannie Mae's Economic & Strategic Research (ESR) Group included
in these materials should not be construed as indicating Fannie
Mae's business prospects or expected results, are based on a number
of assumptions, and are subject to change without notice. How this
information affects Fannie Mae will depend on many factors.
Although the ESR Group bases its opinions, analyses, estimates,
forecasts, and other views on information it considers reliable, it
does not guarantee that the information provided in these materials
is accurate, current, or suitable for any particular purpose.
Changes in the assumptions or the information underlying these
views could produce materially different results. The analyses,
opinions, estimates, forecasts, and other views published by the
ESR Group represent the views of that group as of the date
indicated and do not necessarily represent the views of Fannie Mae
or its management.
Fannie Mae enables people to buy, refinance, or rent a
home.
Visit us at
http://www.fanniemae.com/progress.
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SOURCE Fannie Mae