Consumers have soured on the housing market as more people hold a negative perspective regarding their personal finances and the overall economy, Fannie Mae reported in its July 2015 National Housing Survey.
The portion of consumers who said now is a good time to sell a home dropped seven percentage points to 45%, while the portion who felt it is a good time to buy sank to 61%, which is an all-time survey low. Meanwhile, consumers still projected prices to rise, with the 12-month home price change expectation rising 3%.
The share of people surveyed who expected their financial situation to improve dipped to 44%, ending a rising trend. Additionally, 15% of respondents said their household income was significantly lower than the previous year.
As for the economy, only 37% of people surveyed found it to be on the right track, down 2%, while the share who found it on the right track rose to 54%.
But Fannie Mae economists warned that these financial and economic problems may be short-lived.
"Consumer attitudes toward housing slid back this month," said Doug Duncan, senior vice president and chief economist at Fannie Mae.
"Still, it is premature to read too much into this month's results as the survey was taken around the time of increased global turmoil, including Greece's potential default and China's stock market plunge, which has receded somewhat. Most of our key indicators are as strong or stronger than they were at this time last year, which is indicative of an improving housing market this year."
