Fannie Mae’s Home Purchase Sentiment Index decreased for the fourth consecutive month in November, dipping by 0.5 percentage points to 81.2.
However, the HPSI was up 0.5 points compared with the same time in 2015.
Penn Schoen Berland, in coordination with Fannie Mae, polled 1,000 Americans by telephone between Nov. 1 and Nov. 21, asking them 100 questions to track attitudinal shifts toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances and overall consumer confidence — the six components of the index.
Respondents expressed mixed attitudes on either side of the Nov. 8 U.S. presidential election.
The share of those expecting mortgage rates to go down over the next year and those who said now was a good time to sell a home both fell six percentage points on net. In addition, the net share of consumers reporting confidence in not losing their job over the next 12 months fell five percentage points.
However, the net share who reported significantly higher household income compared with the same period last year shot up 11 points in November, reversing the drop reported in October.