Home purchase sentiment has fallen as more people have turned negative on the economy's outlook, according to data from Fannie Mae.
Fannie Mae's
More consumers displayed concerns about the economy and their income, while other components of the index generally improved.
The share of people who think the economy is on the wrong track rose to 59% in June. And the net share of Americans who say their household income is significantly higher than 12 months ago fell 10 percentage points to 8%, representing the largest month-to-month decline in the survey's history.
Despite these factors, the share who said now is a good time to sell a home went up 5 percentage points to a survey high of 18% and those saying now is a good time to buy increased 3 percentage points to 32%.
Additionally, the share of consumers who expect home prices to go up over the next 12 months dropped 9 percentage points.
"The HPSI's pullback in June from last month’s survey-high reading suggests a slight weakening in the 12-month outlook for housing activity," Doug Duncan, senior vice president and chief economist at Fannie Mae, said in a release.
"Growing pessimism about the overall direction of the economy gives us further pause as it now stands at the highest level we've seen in our National Housing Survey in the last two years."
