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Home Price Expectations Wane in Fannie Mae Survey

Tuesday, March 8, 2016

The most dramatic change in responses to Fannie Mae's most recent National Housing Survey was in the net number of Americans who think home prices are going to continue to rise.  That measure fell by 4 percentage points in the February survey, to 33 percent.  The change was driven primarily by an increase in those who expect prices to fall, up 3 points since January.

Fannie Mae's Home Purchase Sentiment Index (HPSI), a numerical distillation of responses to six of the questions on the survey increased by 1.2 points to 82.7 in February, making it identical to the index in February 2015.  In addition to the home price response, the largest HPSI component increases on net in February were consumers' confidence about not losing their job and the share of those saying now is a good time to buy a home, which both rose 4 percentage points.

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