On the opposite end of the spectrum, the percentage of homeowners who say it's a good time to sell dropped by 11 percent, citing economic conditions as the biggest concern. In June, 39 percent of respondents believed it was a good time to sell, a new high. However, July's results show that number has dropped to 28 percent suggesting American's are uncertain about whether it more strongly a buyer's or seller's market.
The index is the most detailed consumer survey of its kind with Fannie Mae polling 1,000 Americans via telephone to assess current views and forward-looking expectations of housing market conditions.
Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 4 percent while 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.