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Housing Confidence Hits New AllTime High
WASHINGTON, DC – The Fannie Mae Home Purchase Sentiment Index® (HPSI) rose 3.4 points in April to 91.7, marking a new all-time survey high. The increase can be attributed to increases in five of the six HPSI components. The net share of respondents who said now is a good time to buy a home was the only component that decreased, falling 3 percentage points compared to March. However, the net share who reported that now is a good time to sell a home increased 6 percentage points month over month. Additionally, the net share who said home prices will go up in the next 12 months increased 7 percentage points in April, while the net share of consumers who said mortgage rates will go down over the next 12 months increased 4 percentage points. Americans expressed an increased sense of job security, with the net share who say they are not concerned about losing their job increasing 5 percentage points this month. Finally, the net share reporting that their income is significantly higher than it was 12 months ago increased 1 percentage point in April.
"The latest HPSI reading edged up to a new survey high, showing that consumer attitudes remain resilient going into the spring/summer home buying season," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "High home prices and good economic conditions helped push the share of Americans who think it’s a good time to sell to a fresh record high. However, the upward trend in the good-time-to-sell share seen since last spring has done little to release more for-sale inventory. The tightest supply in decades, combined with rising mortgage rates from historically low levels, will likely remain a hurdle for mobility and a persistent headwind for home sales."
On this webpage you will find a news release with highlights from the HPSI and NHS 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 NHS methodology, the questionnaire used for the survey, and a comparative assessment of Fannie Mae's National Housing Survey and other consumer surveys.
Original article found here: http://www.fanniemae.com/portal/research-insights/surveys/national-housing-survey.html
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