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Expectations for Improvement in Housing Sector Continue

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By Pete Bakel

Homeownership and Renting

• At 3.9 percent, the average 12-month home price change expectation increased slightly to match May 2013’s survey high.

• The share of people who say home prices will go up in the next 12 months fell 4 percentage points from June’s survey high to 53 percent, while those who say home prices will go down reached a survey low of 6 percent.

• The share of respondents who say mortgage rates will go up in the next 12 months jumped 5 percentage points to 62 percent, the highest level since the survey’s inception.

• The share who say it is a good time to buy a house increased slightly to 74 percent, and those who say it is a good time to sell a house increased 4 percentage points to 40 percent.

• The average 12-month rental price expectation fell to 4.2 percent, a 0.4 percent decrease from last month.

• Fifty-four percent of those surveyed say home rental prices will go up in the next 12 months, a 2 percentage point decrease from June’s survey high.

• Forty-five percent of respondents think it would be easy for them to get a home mortgage today, a 2 percentage point decrease from last month.

• The share of respondents who said they would buy if they were going to move decreased slightly to 64 percent.

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