On Monday morning, the Federal Reserve Bank of New York released the results of its monthly Survey of Consumer Expectations, showing that consumers feel more positive about the housing market in the next 12 months. Here are some of the details from the results, reported by Builder.
Median expected home price change dropped slightly to 3.00% in January, according to the monthly Survey of Consumer Expectations released by the Federal Reserve Bank of New York.
This is a two basis-point change compared to last December’s 3.02%, and 42 basis-point decrease from January 2015. An upward housing market in 2015 has given consumers more reason to believe in a strong 2016 market. Consumer predictions of home price volatility have gone down in recent years, but have stayed fairly stable since August 2015.
Consumers in the Northeast region have the most faith in the housing market, expecting a moderate 2.59% change in future home prices. People in the South region came in second with a 2.90% expected home price change, followed by the Midwest and West, with a 3.00% and 3.27% median point prediction, respectively.
Younger consumers under 40 years-old are the most optimistic among all age groups, with a median prediction of 2.82%, while consumers over age 60 see the most volatility in the market, with an expected home price change of 3.00%.
