The US housing market is reportedly on the mend, with home prices increasing by 11% in April. That’s a good sign, but there’s still progress to be made. And some people are still very pessimistic about the housing market and the economy in general. So how many are noticing some signs of recovery? And has the housing recovery progressed at all in the past year?
In Ask Your Target Market’s latest survey, 48% of respondents said they currently own a home. Another 12% said they have owned a home in the past. And 40% said they’ve never owned a home.
Looking forward, 15% of respondents said they definitely plan to buy a new home within the next 5 years. 17% said they will probably buy a new home within the next 5 years. 34% said they probably won’t buy a home in the next 5 years. And 34% definitely do not plan to buy a home in that time period. Of those who don’t currently own a home, 40% said they are likely to do so within the next 5 years. Home buying plans have definitely changed over the past year. In a June 2013 survey, just 8% said they had plans to buy a home in the next few years and 19% said they probably would.
In general, just 10% of respondents believe the housing market in their area is definitely in recovery mode. 40% believe their local housing market is somewhat recovering. 42% said they don’t really think the housing market in their area is recovering. But just 8% said they think their local housing market is getting worse.
While home buying plans seem to have changed over the past year, perception of a potential recovery hasn’t changed much. 9% of respondents in the June 2013 survey said they noticed a definite housing recovery in their area, and 7% thought it was getting worse.
So how optimistic are people about the future of the housing market? Just 12% of respondents said they definitely think the housing market well make a full recovery within the next 5 years. 51% think the housing market will somewhat recover within the next 5 years. 31% said they don’t think the housing market will recover in the next 5 years. And just 7% said they are sure it won’t recover in that time period.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on June 25 via AYTM’s online survey panel.