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Published: Feb 08, 2022 5 min read
Illustration of a house for sale and many people walking away from it
Money; Getty Images

With prices climbing and supply sitting at an all-time low, it's no wonder most Americans are feeling down about the housing market.

A report released this week by Fannie Mae, a government-backed entity that buys mortgages from lenders, found that 70% of Americans say they believe now is a bad time to buy a home. The data comes from a survey of 1,006 people responsible for financial decisions for their households that was conducted in January.

Only 25% of respondents said it's a good time to buy a home — a record low.

In the same month last year, more than half of people said they felt optimistic about the housing market, with 52% of respondents indicating that it was a good time to purchase a house. On the other hand, the number of Americans who said they feel it's a bad time to buy a house surged from 37% a year ago — near pre-pandemic levels — to 70% today.