Fannie Mae's Home Purchase Sentiment Index (HPSI) increased by 0.7 points in October, reaching 74.6. This marks the highest level for the measure of consumer confidence since February 2022.
The share of consumers who believe it is a good time to buy a home increased to 20%, while the share who think it is a good time to sell a home declined to 64%. Consumers continued to expect home prices and mortgage rates to rise.
The sustained improvement in the HPSI suggests that consumers are feeling more positive about the housing market despite high home prices. This sentiment can influence mortgage demand and Fannie Mae's business volumes, indicating a more favorable operating environment.
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