Housing Market on the Move as 1 in 5 Americans to Relocate within a Year, Fed Says
By Kathleen Howley
About 19% of American households surveyed in May expected to move in the next 12 months, according to the Survey of Consumer Expectations report from the Federal Reserve Bank of New York published Monday. That was the highest May reading in two years.
While the share was up from April, it failed to reach the 21.7% set in March that was the highest in data that goes back six years. That was the month that mortgage rates had the biggest one-week tumble in a decade, as measured by Freddie Mac. Since then, rates have continued to decline, but a growing uncertainty about the economy has caused some Americans to hesitate about bidding on homes.
“We expected more people to be ready to get into the market, because of the low mortgage rates and rising wages, but some have remained on the sidelines,” said Robert Dietz, chief economist for National Association of Home Builders. Economic uncertainties “are causing some prospective homebuyers to be reluctant,” he said.