WASHINGTON–Credit unions might want to beef up their member resources around home-buying.
While the home market remains hot in most markets, the National Association of Realtors has released new data showing a growing number of homeowners believe now is a good time, yet fewer renters believe it’s a good time, to buy a home.
Moreover, the NAR’s HOME survey also found American respondents are less confident about the economy and their financial situations than then were earlier in the year, even though the job market is robust.
Among the other findings in the NAR HOME study:
- This quarter, 71% of homeowners think now is a good time to sell – up from last quarter (69%) and considerably more than a year ago (61%). For the first time, people in the Midwest (76%) surpassed the West (72%) this quarter and are most likely to think now is a good time to sell
- 52% of renters believe this is a good time to buy, which is down both from Q1 (56%) and from a year ago (62%)
- 80% of homeowners (a number that has not changed in a year) believe now is a good time to make a home purchase
- Younger households and those living in urban areas and in the costlier West region are the least optimistic
- The share of households believing the economy is improving fell to 54% in Q2 after hitting a survey high of 62% in Q1
- The HOME survey’s monthly Personal Financial Outlook Index showed respondents’ confidence that their financial situations will be better in six months fell to 57.2 in June after jumping in March to its highest reading in the survey. A year ago, the index was at 57.7, the NAR said.