Consumer Thoughts on Housing Market
While the housing market is in its slow winter season, consumer confidence appears to be rising in the housing industry. Home sales may be low in the coming months, but there is a demand for housing. CNBC reported the share of respondents that believe now is a good time to buy a home has increased from 16% to 21%. Although the market may be slow now, consumers believe home prices and mortgage rates will come down this year, and are potentially waiting for the opportunity to buy a home. We may see an increase in demand smaller homes to help with affordability this year.
Read the full report here: https://www.cnbc.com/2023/01/09/consumer-confidence-in-housing-rises-as-prices-fall.html