Fannie Mae’s January 2013 National Housing Survey found that increasing confidence in home sales and an improved sense of job security provide further evidence of a strengthening housing market. Underlying the growing sense of optimism, the percentage of survey respondents who think it is a good time to sell a home continued to climb to 23 percent last month from 11 percent the same time last year. While expectations regarding personal finances stayed relatively flat last month, other housing indicators remained at or near survey highs, indicating consumers remain confident in the stability of the housing market.
Highlights from the survey include:
- The average 12-month home price change expectation fell slightly from last month’s survey high to 2.4 percent.
- At 41 percent, the share of those surveyed who believe home prices will go up in the next 12 months decreased by 2 percentage points from December’s survey high, while the share who believe home prices will go down returned to the survey low of 10 percent.
- The percentage of those surveyed who think mortgage rates will go up decreased by 3 percentage points to 41 percent, while those who think they will go down dipped slightly to 7 percent.
- Twenty-three percent of respondents say it is a good time to sell a house, up by 12 percentage points year-over-year.
- At 3.7 percent, the average 12-month rental price change expectation fell 0.9 percent from last month’s survey high.
- Half of those surveyed say home rental prices will go up in the next 12 months, a slight increase over December, and the highest level since the survey’s inception.
- The share of respondents who said they would buy if they were going to move held steady at 65 percent.