There’s been a distinct uptick over the past year in the number of Americans who say now is a bad time to buy a home. Consumer surveys from the University of Michigan reveal nearly a quarter of surveyed Americans pointed to high home prices as the primary reason.
It’s been 12 years since so many people said high home prices were the main deterrent to homeownership.
According to a recent housing update from independent research group Capital Economics, the last time real home prices were this high – in the pre-crash days of August 2004 – only 13% of surveyed Americans said prices were a leading reason not to buy. Today, that number is 22%.