If you think this might not be a great time time to buy a home, you're not alone.

Despite improvements in job security and household income, 85% of consumers said this is a bad time to buy a home, a record number based on the Home Purchase Sentiment Index (HPSI) produced monthly by Fannie Mae. Survey respondents ciꦅted high home prices and mortgage rates as the primary reasons it's a bad time🐽 to buy.

However, only 37% believe it’s a bad time to sell a home. It may be because澳洲幸运5官方开奖结果体彩网: there are very few homes on the market🎀 as ho🎃meowners hold on to their current low interest rates, so those that are for sale have more competitive offers.

The full HPSI, at 64.9, is up 8.2 points from last year's all-time low, but down about 2 points since April. Fannie Mae launched the HPSI in 2010.

Inflation Takin💫g the Economy in the Wrong Direction

The survey showed that 78% of respondents believe the economy is heading in the wrong direction, up 7 percentage points from the previous month, with 澳洲幸运5官方开奖结果体彩网:inflation again being the leading reason.

“Across all income groups, 澳洲幸运5官方开奖结果体彩网:inflation has consistently driven the ‘wrong track’ belief since the end of last year, suggesting consumers are fed up with the high prices of many goods and services,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist.

Consumers Feel That Wages Aren't Keeping Up

According to Duncan, consumers may believe their 澳洲幸运5官方开奖结果体彩网:purchasing power has not kept up with prices, as 69% of consumers say their incomes are ‘about the same’ as the previous year, even though the 澳洲幸运5官方开奖结果体彩网:labor market is strong and wages have risen in the past yea🅷r.

“We expect this tightness in household finances, along with high home prices and elevated mortgage rates, to prolong the affordability challenges facing many would-be homebuyers,” said Duncan.