Americans entered the fourth quarter less optimistic about buying or selling a home than they were during the robust spring buying season, Fannie Mae reported Wednesday.
Fannie Mae’s home purchase sentiment index fell by two points in October to 85.7, a continuation of its recent downward trend. It was up 0.5 points compared with the same period in 2017.
The net share of Americans who said it was a good time to buy a home fell by five percentage points from September to 21%, while those who said it was a good time to sell a home fell by three points to 35%.
“While the October drop was broad-based — all but one of the six HPSI components declined — the net share of consumers who said it’s a good time to buy a home posted the largest decrease, tying its second lowest reading in the survey’s history,” Douglas Duncan, Fannie Mae’s chief economist, said in a statement.
The HPSI is derived from Fannie Mae’s monthly national housing survey, a telephone poll of 1,000 consumers.
The net share of Americans who said home prices would rise fell to 37%, down two points from the previous month.