Poll: More Americans say now is not a good time to buy home in U.S.

April 24 (UPI) -- The share of Americans who feel that now is a good time to buy a home has sunk to a record low, a survey showed Friday.

Gallup said just 50 percent of U.S. adults feel now is a good time for a home purchase, the lowest figure since it began asking the question. The previous low was 52 percent in 2006, just prior to the subprime mortgage crisis that contributed to the Great Recession.

The primary factor in home-buying sentiment is uncertainty brought on by the coronavirus crisis.

"As with other economic attitudes, Americans'opinions about the housing market have shifted dramatically as the U.S. economy has abruptly slowed down in attempts to stop the spread of the coronavirus," the pollster said.

"Many economists believe the situation will get worse in the coming months, given the high rates of unemployment and the likelihood the U.S. is in a recession. The uncertain economic situation will also likely cause many Americans to be cautious about buying or selling a home."

Gallup also found that fewer Americans (40 percent) believe home prices will increase over the next year. A quarter said they expect prices to decrease, up from just 9 percent last year.

The National Association of Realtors said this week existing U.S. home sales declined 8.5 percent in March.

Gallup polled more than 1,000 U.S. adults for the survey, which has a margin of error of 4 points.