Despite skyrocketing home prices, a majority of Americans believe now is a good time to buy a home, according to a new survey from Gallup.
Demographic shifts and the pandemic-fueled move to remote working caused demand among home buyers to jump. As people rushed into the market and quickly scooped up properties, the inventory of homes for sale has dropped to a record low in recent months. To an extent, this supply gap is a reflection of years of under-building following the Great Recession.The situation has caused home prices to reach record highs across much of the country, and Americans have taken notice.
The quick increase in home prices is making Americans more pessimistic about housing than they’ve been in recent years. Historically, people’s feelings on the housing market have changed in response to market conditions. “Slim majorities also said it was a good time to buy a house in 1978, a time of high inflation and high mortgage interest rates, and in the mid-2000s housing bubble era,” Gallup noted.
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