Fears of a recession, rising mortgages and high home prices have made Americans the most pessimistic about housing in the 12 years Fannie Mae has conducted its monthly housing market survey.

Only 16% of Americans think now is a good time to buy a house, a new low, and just 51% think now is a good time to sell a house.

The overall Home Purchase Sentiment Index decreased 4.1 points in October to 56.7—its eighth consecutive monthly decline and lowest rating yet.

Thirty-seven percent think home prices will decrease in the next 12 months, and 65% think mortgages will increase. Fifteen percent say their household income is significantly lower than it was 12 months ago.

The index “reached an all-time survey low this month, in line with expectations that the housing market will continue to cool in the months ahead,” says Doug Duncan, Fannie Mae senior vice president and chief economist. “Consumers are increasingly pessimistic about both home buying and home selling conditions. Consumers also remain concerned about the movement of home prices. Expectations that prices will decrease reached a new survey high, particularly among homeowners—offering further support to our forecast of home price declines in 2023.”

Fannie Mae’s housing survey of 1,000 adults via telephone was conducted Oct. 1-22, 2022