Will Housing Prices Move Higher in 2013?
Fannie Mae’s December National Housing Survey showed that consumer confidence in the housing sector increased last month as Americans continued to expect home prices to grow. The survey’s results were marked by positive attitudes toward home price, rental price, and mortgage rate expectations, and participants’ belief that housing indicators will improve this year could contribute to a boost in home purchase activity in the coming months, according to the mortgage association
Of the survey’s respondents, 43 percent believed that home prices will increase in the next 12 months by an average of 2.6 percent, the highest level since the survey’s inception in 2010. In regards to mortgages, 43 percent believe rates will continue to rise. Only 21 percent of respondents indicated that December was a good time to sell, a 2 percentage point decrease from November’s record high, but a 10 percent increase year over year.
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