Consumer Confidence in Home Prices Still on the Wane

buy vs rentThe average consumer expects home prices to decline by at least 0.5 percent in the next 12 months, according to a new monthly consumer survey from Fannie Mae.

That forecast reverses the trend from May, when most consumers interviewed by the government-sponsored enterprise said that they expected at least a slight home price increase in the next year.

Those consumer revelations are part of the GSE's Monthly National Housing Survey, a reflection of consumer sentiment based on interviews with 1,000 Americans.
Only 22 percent of June's respondents saw higher home prices on the horizon, compared to 25 percent who expect prices to decline and 49 percent who believe that there will be no significant change.

Fannie Mae's latest study presents a mixed-bag of consumer sentiment, with 69 percent of those interviewed saying that it's a great time to buy and only 11 percent saying that it's a good time to sell.

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