Higher Home Prices Continue, Consumer Survey Determines
Summary
That’s among the findings of the Federal Reserve Bank of New York’s Center for Microeconomic Data March 2022 Survey of Consumer Expectations released this morning. Labor market and income growth expectations receded somewhat, and respondents turned less optimistic about their year-ahead household’s financial situation. The median expected change in home prices one year from now increased to 6% from 5.7%. The measure, which has been elevated for the past year, remains well above its pre-pandemic reading of 3% in February 2020. Credit availability continues to be a major concern and source of pessimism. The mean perceived probability of losing one’s job in the next 12 months rose to 11.1% from 10.8%, but remains well below its pre-pandemic reading of 13.8% in February 2020.