The housing market is looking less appealing to consumers

Eighty-three percent of consumers say it’s a bad time to buy a house, according to a consumer sentiment survey released Wednesday by the University of Michigan.

“It’s primarily on the basis of high prices, but recently, on top of the high prices, consumers are not feeling very good about rising interest rates,” said Joanne Hsu, who directs surveys of consumers at the University of Michigan.

Mortgage rates are now hovering around 7%, and Hsu said low supply has also turned Americans sour on the housing market.

But the reality on the ground isn’t quite so negative, said Jonathan Miller, president and CEO of Miller Samuel Real Estate Appraisers.

“2021 was a rocket ship,” he said. “So we’re comparing this supercharged market that, in many local markets, doubled year over year with huge surges in activity, and we’re comparing against that.”

The housing market is still holding its own, historically speaking, Miller added — even if activity is slowing down.

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