December 2023 Survey of Home Purchase Sentiment

December 2023 Survey of Home Purchase Sentiment

In December, the Fannie Mae Home Purchase Sentiment Index (HPSI) increased by 2.9 points to 67.2, mainly due to a rise in consumers expecting mortgage rates to drop over the next year. A record 31% of those surveyed predict lower mortgage rates, and 17% consider it to be a good time to buy, up from the previous record low of 14%.

Mark Palim of Fannie Mae notes this shift in expectations follows recent bond market trends and a decrease in 30-year mortgage rates. Homeowners and higher-income groups are particularly optimistic about potential rate decreases. This optimism may lead to improved home affordability and an increase in home listings in 2024, although challenges like high home prices remain, particularly for first-time buyers.

The survey also reflects a slight increase in those considering it a good time to buy and a decrease in those thinking it's a good time to sell. Expectations for home prices and mortgage rates are shifting, with more consumers anticipating stability or decreases in rates. Concerns about job loss have marginally increased, and household income levels show little change compared to the previous year. The HPSI summarizes consumers' sentiments on the housing market, offering insights into their views and expectations.

Home Purchase Sentiment

12-Month Comparison

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Barry is a resident of Delray Beach and a Realtor for William Raveis South Florida. He works with buyers and sellers of Luxury Properties & Residential Real Estate with focus on Delray Beach in Palm Beach County. Frette was born and raised in Miami but left in 2004 is now a proud resident of Delray Beach, Florida. He is available 24/7 and goes the extra mile to take care of his clients. For commercial, he specialize in Retail, Office, Industrial and Land Properties. He has a strong network of buyers and sellers, as well as access to the national and local databases. Barry can help you find a site or property to purchase, choose a building or space to lease for your business, market your property to find a tenant, or leverage the Raveis marketing team to help you divest of your property. When assisting residential clients, he relishes developing long-lasting relationships, and takes the time to fulfill the goals of his clients. Whether looking for the perfect home to buy or rent, or when you are selling, Barry takes his time to get the job done efficiently and this will be reflected the first day he begins working with you on your journey. Selling a Real Estate Asset on your own can be an overwhelming task. There's advertising to plan and budget for, private showings to arrange, purchase offers to negotiate, contract contingencies to worry about, and complicated paperwork to fill out. Make it easy on yourself by putting your property in the hands of seasoned professionals. We have extensive experience marketing properties and showing them to their best advantage.

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