The outlook about buying a home is on the up and up, according to a survey released by Fannie Mae this morning. The Fannie Mae Home Purchase Index (HPSI), released monthly, is ‘a nationally representative telephone survey polling 1,000 consumers a month about owning and renting a home, home and rental price changes, the economy, household finances, and overall consumer confidence.’
The HPSI had increased by 2 percentage points in January, ending a five-month decline. This was due to increases in the feeling that it’s a good time to sell (+2 points), that confidence about not losing a job is increasing (+1 point), and most especially that household income is significantly higher (+5 points) and that home prices will go up (+7 points).
Other key survey results include the expectation among Americans that rental prices will rise 4.3% over the next 12 months, as opposed to an expected 3.2% increase in home prices over that same period. The HPSI results can be viewed in more detail, along with graphics, here.