Consumer confidence in the housing market rebounded in Fannie Mae's latest national
A majority — 68% — of the 1,000 respondents polled said that now is a good time to buy a home, up 4% from August's survey. Though the month-to-month trend is positive, the number is actually down from the same month last year, when 72% of respondents said it was a good time to buy. The percentage has largely fluctuated in the mid-to-high 60% range over the last year.
A far smaller percentage, 40%, expressed confidence that the economy is now on the right track, though that number rose five percent from August. Most, 54%, still think the economy's on the wrong track. That number has remained largely the same over the last year: the September 2013 National Housing Survey showed 55% thought that the economy was on the wrong track. The poll has an estimated 3.1% margin of error.
Consumer confidence in the housing market dropped during a summer filled with terrible global news, along with stagnant wages and workforce participation. The number that said their household income had stayed the same compared to a year ago, 59%, tracks closely to the number who believe the economy's on the wrong track.
Overall consumers seem to know current interest rates and housing supply make it a good market to buy in, but feel that the economy continues to hamper their ability to take advantage of it.
