After repeated months of appreciating housing prices, an increasing number of consumers may now be expecting to see real estate values continue to climb in subsequent months.
A recent report disseminated by Fannie Mae showed that more than half of all Americans now believe national home price averages will rise within the next year. The government-sponsored enterprise announced the latest findings of its April 2013 National Housing Survey illustrate a growing optimism toward the health of the housing industry.
The share of respondents who expect home prices to show further gains this year reportedly ticked up 3 percentage points during April, settling at a total of 51 percent. During the same time period last year, just 32 percent of those surveyed reported they thought increasing housing prices would be observed in the following months.
"For the first time in the survey's three-year history, the majority of Americans surveyed now expect home prices to increase," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "Crossing the 50 percent threshold marks a significant milestone as most Americans believe a housing recovery is truly occurring throughout the country."
Heightened sense of optimism shared by individuals nationwide
The sense of safety and soundness which lending companies have recently been afforded by continuously lowering mortgage rates may also be shared by housing professionals and consumers, as interest in homeownership continues to rise along with demand. According to the organization's survey, the share of respondents who noted they thought now was a good time to sell their house increased by 4 percentage points to total 30 percent last month, showing substantial improvement from April 2012's level of 15 percent.
"Reflecting that increased optimism toward housing, the share of Americans who think it is a good time to sell has doubled during the last year," Duncan added. "Many homeowners who have been underwater are gradually returning to positive equity, and selling is now becoming an available and attractive option again."
Using real estate records
and recent market data Fannie Mae's report suggested that that five out of eight people who wish to buy a home, first have to sell existing property.
National figures show decrease in median days on market
Not only are drastically low inventory levels forcing housing prices higher, they are also causing substantial declines in the amount of time listed properties are on the market before being bought. The National Association of Realtors released information showing the median number of days a house spent on the market moved down by nearly two weeks to 62 in March, after being recorded at 74 days in February.