Home Purchase Sentiment Index Ends 2019 on a High Note
January 7, 2020
Fannie Mae’s Home Purchase Sentiment Index (HPSI) inched up by 0.2 points to 91.7 in December, up 8.2 points from one year earlier and close to the 93.8 peak it reached in August.
Three of the six HPSI components increased month over month, including the percentage of Americans who believed home prices will rise in the next 12 months–an increase from 44 percent to 50 percent. Doug Duncan, senior vice president and chief economist at Fannie Mae, forecast a strong 2020 for housing based on the positive sentiments reflected in the 2019 HPSI data.
“The continued strength in the HPSI attests to the intention among consumers to purchase homes,” Duncan said. “This is consistent with the Fannie Mae forecast for 2020. The HPSI hit and remained near an all-time high in 2019, driven by the 16-percentage point year-over-year increase in the share of consumers believing it is a good time to buy. The HPSI’s strength supports our prediction of a healthy housing market in 2020, as well as consumers’ appetite and ability to absorb the expected increase in entry-level inventory.”
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