According to a recent Gallup poll, the percentage of Americans who believe it is a good time to buy a house has plummeted to a record low of 21% in 2023. This represents a significant decline of nine percentage points from the previous low recorded last year. In fact, the readings from both 2022 and 2023 mark the only instances since Gallup began tracking the data in 1978 where less than half of Americans perceive the housing market as favorable for buyers.
The April poll results indicate the most pessimistic sentiment about the housing market recorded by Gallup in its history of data collection. In 1978, a majority of 53% responded positively to the question, contrasting starkly with the current perception.
Furthermore, the poll reveals that respondents are increasingly skeptical about the possibility of a price drop in the housing market. Only 19% believe prices will decrease, while 56% anticipate an increase and 25% expect no changes. This prevailing pessimism can be attributed to the combination of high acquisition costs and rising interest rates, which have made mortgage payments less affordable for many prospective buyers.
Despite this bleak outlook, investing in real estate remains the most favored long-term investment option among Americans, surpassing stocks, gold, and other commodities, according to the poll.
The survey was conducted through phone interviews with a random sample of 1,013 U.S. nationals from April 3-25. The margin of error is approximately +-4%, with a confidence level of 95%. These findings shed light on the current state of the American housing market and the concerns of potential homebuyers across the country.
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