Consumer confidence in the housing market rose in September, after dipping in the summer, according to a new Fannie Mae report.
Consumers are more confident that there will be an increase in interest in home buying, and confidence in their employment and financial situations also improved, Fannie Mae said. The findings come from Fannie Mae's
Huge jumps in the cost to rent homes may be fueling the rise in home-buying expectations, Fannie Mae said.
"With consumers' expectations for rental price increases continuing to outpace their expectations for home price growth, many consumers may view homeownership as a more attractive option," Doug Duncan, chief economist, said in a news release.
The index rose to 83.8 in September from August. Last month was the first time that Fannie Mae produced the Home Purchase Sentiment Index.
In other findings that are used to formulate the index number, the number of consumers who said now is a good time to buy a house rose one percentage point to 64%.
The number who said now is a good time to sell a house rose five percentage points to 52%. The number who said now is a bad time to sell a house fell to 36%.
