Thirty percent of U.S. adults say it is a good time to buy a house, down 23 percentage points from a year ago and the first time the figure has been below 50% in more than 40 years, according to a new report from Gallup.
The results are from Gallup’s annual Economy and Personal Finance poll, conducted April 1-19. The survey was conducted as the median sale prices of U.S. homes reached a record $428,000, and as mortgage interest rates have climbed to their highest levels in over a decade.
Previously, at least half of Americans had consistently said it was a good time to buy a house, though the exact amount with that positive outlook shifted in response to market conditions over the decades.
The percentage saying it was a good time to buy a house peaked at 74% in 2014, when the economy had emerged from the Great Recession, mortgage rates were low and housing values recovered.
All major subgroups of Americans are significantly less positive about the housing market now than they were a year ago, with the percentage saying it is a good time to buy a house dropping at least 17 points in each of these groups.
Driving this change is partially the fact that most of the people surveyed believe that home prices will only continue to rise. See the report.