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Consumers in Cautionary Holding Pattern as Fiscal Policy Debate Unfolds

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Survey highlights include:

Homeownership and Renting

• At 3.1 percent, the average 12-month home price change expectation continued to fall, decreasing 0.3 percent from last month.

• The share of people who say home prices will go up in the next 12 months fell by 3 percentage points to 52 percent, while those who say home prices will go down fell to match July’s survey low at 6 percent.

• The share of respondents who say mortgage rates will go up in the next 12 months increased 3 percentage points from last month to a survey high of 63 percent.

• The share who say it is a good time to buy a house increased by 1 percentage point to 72 percent; those who say it is a good time to sell a house increased by 2 percentage points to 38 percent.

• The average 12-month rental price change expectation fell to 3.4 percent.

• Fifty-two percent of those surveyed say home rental prices will go up in the next 12 months—a slight decrease from August.

• Forty-seven percent of respondents think it would be easy for them to get a home mortgage today, a slight increase from last month.

• The share of respondents who said they would buy if they were going to move increased to a survey high of 69 percent.

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