U.S. housing market Gallup poll results 2021-05-12
Gulf Coast Real Estate Update
May 12th, 2021
Americans’ expectations for home values
71% of U.S. adults predict the average price of houses in their area will increase over the next year. 53% say it is a good time to buy a house, barely improved from last year’s record-low 50%. Americans’ expectations for home values have proven in the past to be influenced by the health of the current housing market. The prior high of 70% came during the rapidly emerging housing bubble that eventually burst and was a major contributor to the 2007-2009 Great Recession. From 2008 through 2012, no more than 34% of Americans thought home prices would rise.
Mortgage rates have remained under three percent for three consecutive weeks. Consumer income and spending are picking up, which is leading to an acceleration in economic growth. The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.
