US consumers feeling more positive about buying property

Doug Duncan, senior vice president and chief economist at Fannie Mae, said: “A second month of improvement in June allowed the HPSI to regain some of the sharp losses in optimism observed in March and April. The share of renters who say it’s a good time to buy a home is now at its highest level in five years, suggesting favourable conditions for first-time homebuying, consistent with the recent rebound in home purchase activity.

“Homeowners seem to have taken note of the resulting lack of housing supply, with an increased share saying it’s a good time to sell a home. However, this activity may cool again in the coming months, depending on the extent to which it can be attributed to consumers having chosen to delay or to accelerate homebuying plans due to the pandemic.”

The survey shows a “persistent” concern about job security and the record levels of unemployment amongst Americans which Duncan claims “remains a key takeaway” amongst renters and mortgage holders.

Duncan continues: “We believe the continuing uncertainty regarding the coronavirus’ containment suggests an uneven and potentially volatile course toward economic recovery.”