A record low number of Americans think it's a good time to buy a house amid high inflation and rising interest rates, according to a new Gallup survey.
Still, a confluence of data released last month shows that the housing market is slowly recovering from the downturn, although it has yet to return to pre-pandemic norms.resumed their downward spiral and are down 22% when compared with one year ago; homebuilder sentiment is rising, but remains depressed; and housing prices are back on the rise, snapping a seven-month streak of declines.
As housing prices have soared and become even less affordable for many Americans, their views of the housing market have sank."It is likely that Americans’ pessimism about homebuying reflects the high prices and high interest rates that are conspiring to make mortgage payments less affordable," the survey said. "These attitudes may keep many prospective homebuyers out of the market.
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