Americans Increasingly Believe It's a Bad Time to Buy a Home

The percentage of U.S. consumers who believe it is a bad time to buy a home reached a 13-year high in July, according to a survey by Fannie Mae. The scarcity of available properties and stagnant home prices have contributed to this sentiment. Additionally, a net 17% of respondents expect price increases in the next 12 months, the highest percentage in over a year. Limited housing stock and higher financing costs have made potential buyers hesitant. However, confidence in the labor market and expected decreases in future mortgage rates have pushed the overall Home Purchase Sentiment Index slightly higher.