Skip to main content
Surveys

National Housing Survey

Consumers’ Attitude Toward Housing Conditions Remains Mixed

Survey Respondents Express Growing Concern About Direction of the Economy

November 8, 2021

Home Purchase Sentiment Index® (HPSI) increased 1 point to 75.5 in October, as consumers once again reported mixed feelings about homebuying and home-selling conditions, as well as increased pessimism regarding the larger economy. Overall, four of the index’s six components increased month over month. In October, slightly greater shares of consumers reported that it’s a good time to buy a home and sell a home – with those numbers now sitting at 30 percent and 77 percent, respectively, up from 28 percent and 74 percent last month. Consumers also reported even stronger expectations that mortgage rates will increase over the next 12 months. Year over year, the full index is down 6.2 points.

“The HPSI remained relatively flat this month, staying within the general bounds it began to set in June 2020 – following the initial shock of the pandemic to the index,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “While homebuying and home-selling sentiment remain at historically low and high levels, respectively, more consumers now expect that their personal financial situation will not improve over the next 12 months. This is particularly true among surveyed homeowners and older age groups.” 

Duncan continued: “In October, consumers also reported greater concern about the direction of the economy, with ‘right track’ sentiment reaching its lowest level since October 2013. We believe the uptick in negative economic sentiment is likely a function of ongoing supply chain disruptions and inflation concerns. However, while economic uncertainty could potentially dampen mortgage demand over the longer term, we believe current market conditions remain conducive to home purchase activity, as demand for homes continues to far outstrip the supply available for sale.”

On the right rail of this webpage, you will find a news release with highlights from the HPSI and National Housing Survey results, the latest Data Release highlighting the consumer attitudinal indicators, month-over-month key indicator data, an overview and white paper about the HPSI, technical notes providing in-depth information about the National Housing Survey methodology, the questionnaire used for the survey, and a comparative assessment of Fannie Mae’s National Housing Survey and other consumer surveys.

National Housing Survey Monthly Indicators Archive
Click here for an archived list of Fannie Mae's National Housing Survey Monthly Indicators.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) group or survey respondents included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR group represent the views of that group or survey respondents as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

The Exchange Logo

The Exchange™ data and API platform
Use the APIs on The Exchange to instantly access our Economic & Strategic Research (ESR) data, and other trusted U.S. housing, finance, and economic data – all in one place. Whatever your business, you can use The Exchange to explore key housing topics, understand trends, identify opportunities, and make data-driven decisions.

Watch our video to find out how FreightWaves® uses The Home Purchase Sentiment Index® (HPSI) data on The Exchange to predict freight shipping volumes, provide price transparency, and help their customers make informed decisions about how to deploy their resources. Visit The Exchange to get creative and discover how our data can help inform your decisions.