The path to homeownership has been an arduous one for many Americans in recent months. Soaring mortgage and interest rates, inflation and low supply represent some of the culprits.
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And while home prices seem to cool down, Americans’ sentiment toward buying a house has reached a new low. Only 21% say that now is a good time to buy a house, new Gallup research found.
This year and last are the only years during which less than half of Americans have perceived the housing market as being good for buyers since Gallup began recording the trend in 1978.
“In the past two years, as housing prices have soared and the Federal Reserve has raised interest rates to try to tame inflation, houses have become less affordable for many Americans, and views of the housing market have tumbled,” the survey noted.
What’s more, these views are similar across all major subgroups — including by region, urbanicity, homeownership status, income, education and party identification. These attitudes may keep many prospective homebuyers out of the market, Gallup noted.
“For many U.S. consumers, the volatility of the housing market between 2007 and 2011 is still very fresh in their minds,” said Peter C. Earle, economist at the American Institute for Economic Research. “If they themselves didn’t purchase at ridiculously high prices or sell at prices that proved far too low in retrospect, they’ve watched others do so — and no doubt seen or heard horror stories about foreclosures during that time period.”
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Source:
ENB
Sandstone Group
