A declining percentage of consumers thought the fourth quarter of 2018 was a good time to purchase a home, according to a survey by the National Association of Realtors (NAR).
Thirty-four percent of survey respondents told NAR the fourth quarter was a good time to buy a home, down from 39 percent in the third quarter and 43 percent one year ago.
Respondents who said the fourth quarter was not a good time to buy was unchanged in the fourth quarter, remaining at 37 percent, up from 28 percent one year ago.
“Consistently fast-rising home prices well in excess of income growth over recent years have left buyers frustrated while slowly enticing would-be sellers to consider listing,” NAR Chief Economist Lawrence Yun said in a release.
Nearly six out of 10 survey respondents told NAR they believe the economy is improving, including 53 percent of those in urban areas and 71 percent of respondents in rural areas.
According to the survey, 67 percent of homeowners, 56 percent of renters and 50 percent of those living with someone else felt home prices in their communities had increased.
Forty-one percent of survey respondents predicted home prices in their communities will stay the same, unchanged from last quarter but up slightly from 40 percent in 2018’s second quarter.
“The West region has a strong job-creating economy, yet it is the West region showing the weakest buyer sentiment because the West region is the least affordable,” Yun said.