Homeownership and Renting
- Average home price change expectation is 1.6 percent, largely consistent with last month and down from a June high of 2.0 percent.
- Eleven percent of those surveyed say home prices will go down in the next year, holding steady at the lowest level since the survey's inception in June 2010.
- At 40 percent, the percentage of respondents who say mortgage rates will go up in the next 12 months has increased by 4 percentage points since July.
- Eighteen percent of respondents say it is a good time to sell, the highest level since the survey's inception.
- The percentage of respondents who say it is a good time to buy has remained steady at 73 percent.
- Forty-four percent of those surveyed say home rental prices will go up in the next year, a decrease of 3 percentage points, while 5 percent expect them to go down.
- The average rental price change expectation decreased 0.7 percent from last month to 3.2 percent, the lowest level since January 2012.
- The percentage of respondents who say they would buy if they were going to move increased slightly to 67 percent, while 28 percent would rent.
The Economy and Household Finances
- Consumer optimism continues to wane, with 33 percent saying the economy is on the right track, a slight decrease from last month and 5 percentage points lower than the May 2012 peak.
- The percentage of respondents who expect their personal financial situation to get worse fell slightly to 13 percent, while those expecting their personal financial situation to stay the same increased slightly to 41 percent.
- The share of respondents who say their household income is significantly higher than it was 12 months ago remained steady at 20 percent, while those who say it is significantly lower increased slightly to 16 percent.
- Fifty-six percent of those surveyed say their household expenses are about the same as they were a year ago, a slight decrease over July.
The most detailed consumer attitudinal survey of its kind, the Fannie Mae National Housing Survey polled 1,002 Americans via live telephone interview to assess their attitudes toward owning and renting a home, mortgage rates, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.
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