The number of Americans who say it's a good time to buy a home increased in November, according to Fannie Mae's Home Purchase Sentiment Index. The index – which is based on a monthly survey that asks Americans for their feelings about the housing market, economy, mortgage rates, home prices, and whether or not it's a good time to buy or sell a home – found a 1 percent increase in the number of respondents who say now's a good time to buy. The improvement came as the overall index saw its first gains in eight months.
Doug Duncan, Fannie Mae's senior vice president and chief economist, says housing sentiment is still lower than normal, despite the results. “Following eight months of consecutive declines, the HPSI did tick up slightly in November but is essentially unchanged since hitting its all-time low last month,” Duncan said. “Consumers continue to expect mortgage rates to rise but home prices to decline, a situation that we believe will contribute to a further slowing of homes sales in the coming months.”
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