Fannie Mae’s Home Purchase Sentiment Index (HPSI) decreased 2.3 points in September to 91.5, as three of its six components decreased month-over-month, including the percentage of respondents confident about not losing their jobs.
“Consumer sentiment remains relatively strong overall, though uncertainty about the economy and individual financial circumstances appears to be weighing on housing market attitudes a bit more than a month ago,” Fannie Mae Senior Vice President and Chief Economist Doug Duncan said in a release.
“Views about the direction of the economy held relatively steady, and the share of respondents who say it’s a good time to buy or sell a home rose slightly,” Duncan said. “However, consumers who are pessimistic about current housing market conditions are more likely to cite unfavorable economic conditions than the prior month.”
According to the HPSI, the net share of Americans who in September said it is a good time to buy increased 3 percent to 28 percent; the net share of respondents who said it is a good time to sell rose by 4 percent to 44 percent.
During September, the net share of Americans who said home prices will go up fell 7 percent points to 29 percent; and the net share of Americans who said mortgage rates will go down over the next 12 months fell 6 percent.
Additionally, the net share of Americans who said they are not concerned about losing their job fell 8 percent to 69 percent; and the net share of those who say their household income is significantly higher than it was 12 months ago remained the same at 21 percent.