Outlook Of Home Buyers Sours Because Of Tight Market

(Washington, DC) — The tight housing market is making potential buyers pessimistic. Fannie Mae’s monthly Home Purchase Sentiment Index reached the lowest point in its ten-year history. Only 47-percent of respondents said it’s a good time to buy, down from 53-percent the previous month. The number who said it’s a bad time to buy jumped from 40- to 48-percent.

Realtors from across the country have reported high demand and low supply. That has driven up prices for the few able to buy a home. Real estate brokerage Redfin says it took an average of 19 days to sell a home for most of April. That’s the lowest the number has been since they started reporting it in 2012. A year ago, it took 35 days. Nearly half, 45-percent, went under contract in less than a week.