April 15, 2010

Most Americans See Home Prices Stable or Rising

Seventy-two percent think now is a good time to buy a house

PRINCETON, NJ — Lower but stabilizing home prices combined with continued low mortgage interest rates have persuaded 72% of Americans that now is a “good time” to buy a house — essentially the same percentage as a year ago, but up 19 points from 2008.

Better Price Expectations

More importantly, Americans’ expectations about housing prices have improved markedly from last year — potentially encouraging prospective buyers to take advantage of the current home-buying opportunity, and thereby making it easy for homeowners to sell. Thirty-four percent of Americans expect the average price of houses in their area to increase over the next year — up 12 points from last year, and the highest such expectations in Gallup’s monitoring since June 2007. When this is combined with the 43% expecting house prices to stay the same, a total of 77% of Americans see housing values in their area stabilizing or moving higher during the year ahead. To the degree that potential home buyers agree, this should significantly reduce their fear that the homes they buy could decline in value shortly after purchase.

Expectations for housing prices are best in the East and the West, followed closely by the South; they are poorest in the Midwest.

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