< Back to BLOG

SRI: Home buying plans down; Consumer confidence up

Overall more good economic news from the Siena Research Institute. The more important indicator is consumer confidence, which measures the overall view of the economy. Consumer confidence in new york reached a record five year high this month.

As far as home buyers’ plans to buy, not surprising buyers typically think less about buying the closer we get to the holiday season. Buyers likely won’t seriously reconsider buying  until after the first of the year. Unless home buyers are relocating to the area – and I’m working with several clients now who are relocating to work in our nanotech, education, and medical industries – most buyer will wait until spring of 2013 to buyer their next home.

Here is a summary from NYSAR:

According to the latest poll by the Siena Research Institute (SRI), New York State consumer home buying plans were down 0.2 points to 3.5 percent in September. Overall, New York State consumer confidence increased 4.3 points, while the nation’s confidence increased 4 points. At 78.2, New York’s overall consumer confidence is 0.1 points below the nation’s confidence level of 78.3.

In September, buying plans were up for cars/trucks, 2.1 points to 13.1 percent; and furniture, 3 points to 22.8 percent.

For a copy of the full SRI press release with supporting data and graphs click here.