U.S. Housing Market Confidence Up

Housing market confidence in the U.S. rose in August after a slight dip in July, says Fannie Mae’s ‘Home Purchase Sentiment Index (HSPI).’ However, current sentiments do not compare to last year’s confidence. Housing market confidence hit 77.5 last month, up 3.3 points from July. Month-to-month, there are positive increases. However, in August 2019, the index reached 93.8. The year-over-year change is likely a consequence of the uncertainty from the COVID-19 pandemic. Doug Duncan, senior vice-president and chief economist at Fannie Mae, says, “The HPSI's recovery was driven by near-record low mortgage rates that helped restore much of consumers' positivity on whether it is a good time to buy a home, while also improving the good-time-to-sell sentiment.”