Homebuying Index Pulls Back From Record Highs

Fannie Mae's Home Purchase Sentiment Index (HPSI) has been relatively volatile in recent months, and September was no exception. The Index set back to back record highs in July and August, reaching 93.8 in the latter month which put it 5.8 points higher than in August 2018. September saw a 2.3-point drop in the index to 91.5 with three of the six components declining on a month-over-month basis. The index remains 3.8 points higher than a year earlier. The index, based on selected responses from Fannie Mae's National Housing Survey (NHS) saw a nearly unprecedented 8-point drop in its net "Confidence About Not Losing Job" component, adding to a 4-point drop the previous month. The net of those who are not concerned about losing their job was 69 percent, the lowest since an 11-point dive in July...(read more)

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