The state of the U.S. housing market has shifted rapidly in the last few months, but are consumers keeping up? A new survey from the National Association of Realtors makes the case that low mortgage rates and increased inventory did in fact move the needle in the home purchase market, making prospective buyers more serious about pulling the trigger. The question now is whether renewed optimism on housing will translate to sales.
NAR’s quarterly Homeownership Opportunities and Market Experience (HOME) survey found homebuyer sentiment improving at the beginning of 2019. Out of more than 2,700 respondents to the survey, 65 percent agreed that Q1 2019 was a good time to buy a home. Most respondents in agreement (37 percent) felt strongly that conditions were good for homebuyers, a 3 percent increase from the previous quarter. Meanwhile, just over a third of respondents (35 percent) said they didn’t think Q1 2019 was the right time to buy.
According to Lawrence Yun, NAR chief economist, this increase in buyer sentiment is reflective of several positive trends: The economy is still relatively strong, sales inventory is up, mortgage rates are in check and even price growth is moderating. Yun also said this confidence was borne