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HOME SALES OUTLOOK BRIGHT

According to a recent survey by the National Association of Realtors, there appears to be a revival from renters that now is a good time to buy a home. After dipping to roughly half of renters last quarter, the share who believe now is a good time climbed to 62 percent. Overall, current homeowners are the most optimistic about buying right now amidst the steady gains in home values.
Lawrence Yun, NAR chief economist, says it is great news that homebuyer and seller optimism is advancing, but it remains unclear if it will actually translate to more sales. “The housing market has been in a funk since early spring because of the ongoing scarcity of new and existing homes for sale,” he said. “The pace of new home construction has not meaningfully broken out this year. Added Yun, “Buyer demand is robust this fall, but the disappointing reality is that sales will continue to undershoot their full potential until supply levels significantly improve.”
More households this quarter believe the economy is improving compared to the second quarter. The rebound in economic confidence this quarter is also giving households increased assurances about their financial situation. The HOME survey’s monthly Personal Financial Outlook Index, showing respondents’ confidence that their financial situation will be better in six months, jumped from 57.2 in June to 62.0 in September. A year ago, the index was 58.6.

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