The share of American consumers who reported it was a bad time to buy reached a new high of 79% in May, according to Fannie Mae’s monthly housing survey.
Fannie Mae’s FNMA, -0.56% Home Purchase Sentiment Index, which “remained relatively flat,” also managed to slide 0.3 points to reach 68.2 last month — moving toward its pandemic low of 63 from April 2020.
“Consumers’ expectations that their personal-financial situations will worsen over the next year reached an all-time high in the May survey, and they expressed greater concern about job security,” Doug Duncan, chief economist and senior vice president at Fannie Mae, said in a statement. Duncan added that the survey results supported Fannie Mae’s forecast for slowing home sales into the next year, with higher mortgage rates, prices, and inflation pushing sellers and buyers alike to the sidelines.
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