Home buying and selling prospects improved in August as economic concerns continued to ease for both buyers and sellers. The Fannie Mae Home Purchase Sentiment Index® (HPSI) for August increased 3.3 points to 77.5, reaching the highest level since March. The index which measures housing attitudes, intentions, and perceptions, using six questions from the National Housing Survey® (NHS), is a good indicator of the recovery and buyer and seller behavior.
The jump in August more than makes up for the lost ground in July when both buyers and sellers reported significant short term challenges. The latest survey reveals sellers in particular are quickly gaining leverage. Those who think it’s a ‘good time to sell’ (48%) have now outnumbered those who think it’s a ‘bad time to sell’ (44%) once again for the first time since the pandemic started. The move comes as more potential sellers are realizing demand for homes has quickly bounced back in their market and prices have regained strength
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