Housing Market Confidence Continues Bouncing Back; Wake-Up Call For Rates

Fannie Mae’s Home Purchase Sentiment Index (HPSI) continued to rebound last month from its sharp retreat to near record lows in the Spring. The Index, based on selected responses to the company’s National Housing Survey (NHS) fell an aggregate 29.5 points in March and April, in reaction to the COVID-19 crisis. It added back 4.5 points in May and gained another 9 points in June. The Index is now at 76.5, with four of the six survey components used in the index moving higher. The HPSI however, is still down 15 points from its level in June 2019. Survey respondents expressed a significantly more positive view of homebuying and home selling conditions than in recent months. Sixty-one percent of participants said they thought it was a good time to buy a home and the net positive answers increased

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