While Fannie Mae has constructed thernindex to reflect conditions back to the beginning of the NHS, this first publicrnrelease reflects the HPSI as of August 2015.  rnAt that point the index stood at 80.8, down 0.5 point from July, continuingrnthe decline from its all-time peak in June 2015. The HPSI is up 5.3 pointsrnsince this time last year. On net, two components of the HPSI improved inrnAugust, with Confidence about Not Losing Job increasing 3 points and Good Timernto Sell increasing 1 point. Home Price and Mortgage Rate net expectations bothrnfell 3 points since last month.</p

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Doug Duncan, senior vice president andrnchief economist at Fannie Mae said, “Consumer attitudes toward the current homernselling climate have slid back to their April 2015 level, contributing to arnslight decline in the August HPSI reading relative to its four-year high,rnreached two months ago.  Expectations ofrnrising mortgage rates and increasing concerns in the last six months about therndirection of the economy seem to be weighing on consumers’ assessment of thernhousing market. </p

“Those who think it’s a good time tornbuy or sell a home have consistently pointed to favorable mortgage rates as thernprimary reason for their optimism,” Duncan said. “Those who think it’s a badrntime to buy or sell a home have consistently pointed to unfavorable economicrnconditions as the primary reason for their pessimism. Still, the four-yearrnupward trend in the HPSI indicates that consumers remain fairly optimisticrnabout the housing market.”

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