Americans began to feel less confident in the housing economy as 2017 came to a close, reversing the increase in optimism from the previous month, according to Fannie Mae’s Home Purchase Sentiment Index.
The index decreased two points in December to 85.8, reversing the previous increase in November. This decrease is due to a drop in four of the total six HPSI components.
The share of those who said now is a good time to buy a home decreased five percentage points from November, and eight percentage points from last year to 24% in December. Conversely, those who said now is a good time to sell a home remained unchanged at 34%, however this is up 21 percentage points from last year.
But despite the caution with which Americans approached the housing market, they still showed an increase in pay in their current jobs, even as they grew less optimistic about the year ahead.
Read more in Housing Wire.