Housing Sentiment Regains Momentum After July Stumble
The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 3.3 points in August to 77.5, recovering after falling slightly in July and continuing the rebound from May and June. Five of the six HPSI components increased month over month, with consumers reporting a more optimistic view of both homebuying and home-selling conditions, but a slightly more pessimistic view of expected home price growth. Year over year, the HPSI is down 16.3 points.
“The HPSI rose modestly in August, recovering the ground it lost in July,” said Doug Duncan, Senior Vice President and Chief Economist. “The HPSI’s recovery was driven by near-record low mortgage rates that helped restore much of consumers’ positivity on whether it is a good time to buy a home, while also improving the good-time-to-sell sentiment. The August survey was conducted as consumers continue to face uncertainty regarding schools’ and businesses’ reopening plans and as the CARES Act $600-per-week income supplement expired.”
National Housing Survey Monthly Indicators Archive
Click here for an archived list of Fannie Mae's National Housing Survey Monthly Indicators.