Majority of Americans believe it’s a bad time to buy a home, says Fannie Mae. Here’s why it may not get better anytime soon.
With the 30-year in the 7% range and home prices continuing to rise, the typical home buyer is feeling quite miserable about the prospect of buying a home.
Consumers cite high home prices and unfavorable mortgage rates, said Doug Duncan, chief economist and senior vice president at Fannie Mae. The “good time to sell” component has “not seen much movement” in recent months, he noted, “an indication that the current low levels of existing homes for sale will likely continue to persist in the near term.”
Sales of previously-owned homes fell 3.3% in June, according to the National Association of Realtors, primarily due to a shortage of homeowners selling their houses. The price of a typical resale home was $410,200, the second-highest price since 1999 when the NAR began tracking the data.
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