Home Purchase Sentiment Retreats From Peak

Each month, Fannie Mae’s Home Purchase Sentiment Index tracks how Americans feel about the housing market, buying and selling a home, mortgage rates, prices, their job, and income. The index is a monthly measure of home buying conditions and consumer confidence in the real-estate market. In November, the HPSI fell 1.7 points, marking the first decline after three consecutive months of increases. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says consumer sentiment may have peaked for now. “The HPSI appears to have peaked for now as consumers continue to consider how COVID-19 impacts their ability to buy or sell a home,” Duncan said. “Drilling down a bit, home purchase confidence has recovered more for homeowners than renters, in part because homeowners have been less likely than renters to have had their jobs and finances impacted by the pandemic.” Among the results, the number of respondents who said now is a good time to buy a home fell 3 percent, while the number of participants who feel it’s a good time to sell remained unchanged from the previous month. (source)

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