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Confidence in housing market runs high


Consumer confidence in the U.S. housing market continues to run high, Fannie Mae reported.

Fannie’s home purchase sentiment  index (HPSI) rose to a new all-time high in February, increasing by 5.6 percentage points to 88.3. Five of the eight components increased in the month, and three hit all-time highs.

Fannie surveys 1,000 homeowners and renters each month over the phone to gauge their attitudes about the economy and the housing market. 

The share of Americans who reported it was a good time to buy a home rose 11 percentage points, while the share that said it would a good time to sell jumped by seven points. More Americans also expressed confidence that they would not lose their jobs.

“The latest post-election surge in optimism puts the HPSI at its highest level since its starting point in 2011,” said Doug Duncan, senior vice president and chief economist for Fannie Mae. “Millennials showed especially strong increases in job confidence and income gains, a necessary precursor for increased housing demand from first-time homebuyers,” Duncan added.

Duncan said Fannie’s preliminary research suggests that millennials are starting to move out of their parents’ houses at greater rates, but this group and other first-time homebuyers are facing a tight supply of homes for sale and higher home prices. 


 

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