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July 2018   Volume 44, Number 7      
 

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Housing Confidence Reaches New High As Home Prices Jump

Consumer confidence increased to its highest level on record in April, according to a monthly sentiment index from Fannie Mae.

According to the index, the share of consumers who think now is a good time to sell and those who think home prices will continue to climb increased the most. More consumers also believe their incomes will increase over the next year, while fewer consumers are concerned about losing their jobs.

“Consumer attitudes remain resilient going into the spring/summer home buying season,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. He also believes rising mortgage rates combined with the tightest home supply in decades will continue to hinder home sales.

The Fannie Mae survey also found that just 18 percent of Americans have a higher household income than one year earlier. This means many potential home buyers do not have extra cash given that home prices are rising faster than incomes.

As demand continues to rise, millennials are starting to become homebuyers. The good news is that despite waiting longer to become homebuyers after the great recession, millennials are more likely to have higher-paying jobs than previous generations of first-time homebuyers.

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In this issue:

Top 7 Trends Affecting Residential Real Estate

Amazon Expands into Real Estate With Amazon Experience Centers

Banks Are Walking Away from Low-Income Homebuyers

Homebuyers Seeing Lower Asking Prices in Several Hot U.S. Markets

Housing Confidence Reaches New High as Home Prices Jump

The Best Day and Time to List a Home for Sale

Top 10 Most Affordable Places to Live in the U.S.

Why Americans Are Leaving Urban Cores for the Suburbs

The Best Places to Live in the U.S. for 2018

5 Tips to Help You Get Your Client’s Asking Price



 


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