Dive Brief:
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More than half of consumers in Fannie Mae’s June National Housing Survey — more than ever before — said now is a good time to sell a house, and that could signal an increase in the number of homes for sale in the near term.
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But those who said it is a good time to buy a house fell to 63%, tying a survey low.
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Fewer participants than in past months said they expect home prices to increase over the next year, but more anticipate a slight increase in mortgage interest rates, the survey showed.
Dive Insight:
Sellers see an advantage in listing their homes for sale when rents are skyrocketing, and 59% of those in the survey said they expect home rental prices to rise over the next year. That's also a survey high.
As those existing homeowners list their property for sale, it will make more homes available to would-be homeowners who might be waiting for price increases to subside or who have not been able to find homes because of the lack of inventory.
Plus, job and income growth are putting more of those potential buyers in a position to make their first purchases, Fannie Mae's Chief Economist Doug Duncan said in a release on Tuesday. The survey results, he said, "point to a healthier home purchase market."
