Over half of the respondents think that the US economy is getting better
More than half of high-earning Americans were optimistic about the US economy, as well as the current state of the housing market, according to new data from the National Association of Realtors.
More than half (52%) of those surveyed were positive the US economy is improving in Q3 2019, slightly down from 55% in Q2 2019, according to NAR's Housing Opportunities and Market Experience survey.
Sixty-three percent of the respondents also believed that the third quarter was a good time for a home purchase, with 34% saying they strongly believe.
"Mortgage rates are at historically low levels, so I see no sign of the optimism about home buying fading," said Lawrence Yun, chief economist at NAR. "However, the fact that slightly fewer are expressing strong intensity compared to recent prior quarters is implying some would-be buyers have concerns about the direction of the economy."
Optimism grew as household incomes rose, according to NAR. Among the respondents who have an income under $50,000, 54% said that now is a good time to buy a home. Sixty-four percent of those in the $50,000-$100,000 bracket, as well as 72% of respondents who earn $100,000 or more, also agreed.
"Not surprisingly, as incomes increase, the process of buying a home is less of a strain," Yun said. "This has always been the case, but in this third quarter survey, we see it to an even greater extent – high earners are more open to buying a home."
The poll revealed that the share of people who thought selling a home in the current market is good idea was 74%, up from 73% over the past quarter.
Read more: What is the most profitable month to sell a house?
