Consumer Confidence in Housing Weakens

Although most consumers believe now is a good time to buy a home, a growing number of respondents in the monthly Fannie Mae consumer sentiment survey also are wary about job security.

Consumer sentiment on housing fell in September from its August high. While more respondents think now is both a good time to buy and sell a home, there was a much larger drop in the share of those who said they were not concerned about losing their jobs. It was the second straight month that the component of the survey fell.

“Consumers who are pessimistic about current housing market conditions are more likely to cite unfavorable economic conditions than the prior month,” said Doug Duncan, Fannie Mae’s chief economist. “Job confidence remains high but still well shy of its July reading.”

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