A sign stands outside an upscale home for sale in the Lake Pointe Subdivision of Austin, Texas.
Ed Lallo | Bloomberg | Getty Images
Consumer confidence in the housing market dropped to the lowest level since 2011, as both prospective buyers and sellers have become more pessimistic, according to a monthly survey released Monday by Fannie Mae.
Just 17% of those surveyed in July said now is a good time to buy a home, down from 20% in June. Even more telling, however, is that the share of sellers who think it’s a good time to list their homes dropped to 67% in July from 76% two months prior.
Far fewer consumers now think home prices will rise, while the share of those who think prices will fall jumped from 27% to 30%.
Fannie Mae’s Home Purchase Sentiment Index consists of six components: buying conditions, selling conditions, home price outlook, mortgage rate outlook, job loss concern and…