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After a disappointing summer, it looks like consumers had a change of heart when it comes to how they feel about housing and the economy. Americans are more optimistic about the housing market with some saying it is a good time to buy a home, according to a recent Fannie Mae September 2014 National Housing Survey.
The expectations of home pricing also picked up with 45 percent of survey respondents saying they believe prices will rise next year.
These findings come after a two-month setback in consumer housing sentiment, said Doug Duncan, SVP and chief economist at Fannie Mae. The more positive feeling Americans have at the moment is on trend with what has been seen over the last year.
The overall view of the economy has slightly improved with 40 percent of respondents saying the economy is heading in the right direction. Although this seems optimistic, 54 percent of Americans from the September survey said the economy is not getting any better. This suggests that the “housing recovery is on track to resume in 2015,” according to Duncan.
And while the job outlook for many Americans has been uneasy, those who were surveyed said their household income increased considerably since last year. However, 37 percent reported that they were paying more for expenses, which is up one percent from last year.
As for future perception of housing, 12 percent of those surveyed believe their situation will not get worse. Moreover, 41 percent of Americans expect their circumstances to improve.
The survey results shows that consumers are still wary of the housing recovery and it is likely that we will continue to “see bumps on the housing recovery path reflected in our survey results,” Duncan said.