© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 1 of 15

March 2024 Data Release

The Home Purchase Sentiment Index® (HPSI) is a composite index designed to track 

consumers’ housing-related attitudes, intentions, and perceptions, using six questions from 

the National Housing Survey® (NHS).

The Home Purchase Sentiment Index

Components of the HPSI

Note: Calculations are made using unrounded and weighted response level data to help ensure precision in NHS data results from wave to wave.

As a result, minor differences in calculated data (summarized results, net calculations, etc.) of up to 1 percentage point may occur due to rounding.

March 2024 Net Change

MoM YoY

Buying Conditions 

Good Time Bad Time Net Good Time to Buy

+4 +2 21% 79% -58%

Selling Conditions

Good Time Bad Time Net Good Time to Sell

+2 +14 66% 34% 32%

Home Price Outlook

(next 12 months)

Go Up Go Down Net Go Up

+1 +20 40% 20% 20%

Mortgage Rate Outlook 

(next 12 months)

Go Down Go Up Net Go Down

-8 +34 29% 34% -5%

Job Loss Concern

(next 12 months)

Not Concerned Concerned Net Not Concerned

-2 -3

77% 23% 54%

Change in Household Income

(past 12 months)

Significantly Higher Significantly Lower Net Significantly Higher

-2 -2

19% 12% 7%

60.0

66.2

74.2

77.7

81.7 80.2

84.5

88.3 89.8

80.8 81.7

73.2

61.3

71.9

30

40

50

60

70

80

90

100

Jan-11

Mar-11

May-11

Jul-11

Sep-11Nov-11

Jan-12

Mar-12

May-12

Jul-12

Sep-12Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23Nov-23

Jan-24

Mar-24

Home Purchase Sentiment Index

(HPSI)

The HPSI decreased by 0.9 points to 71.9 in March.

The decrease in the HPSI this month was driven by net decreases in three components (Mortgage Rate Outlook, Job 

Loss Concern, and Change in Household income) and net increases in three components (Buying Conditions, Selling 

Conditions, and Home Price Outlook). 
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 2 of 15

Components of the HPSI – Good/Bad Time to Buy and Sell a Home

 

 

53%

24% 20%

16% 17%19%

40% 21%

73%

79%

84% 83% 81%

79%

13%

-49%

-60%

-68% -66% -62%

-58%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Good Time Bad Time Net Good Time

61%

74%

58%

63%

60%

65%66%

28%

21%

40% 37% 40%

35%34%

33%

53%

18%

26%

19%

30%

32%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Good Time Bad Time Net Good Time

Respondents who say it is a... to sell

The share of consumers who say it is a bad time to sell decreased 1 percentage point to 34%, while the share who 

say it’s a good time to sell increased 1 percentage point to 66%. As a result, the net share of consumers who say it 

is a good time to sell increased 2 percentage points to 32%.

Respondents who say it is a... to buy

The net share of consumers who say it is a good time to buy a home increased 4 percentage points to -58%. The 

share who said it is a good time to buy increased 2 percentage points to 21%, and the share who said it is a bad 

time to buy decreased 2 percentage points to 79%.
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 3 of 15

Components of the HPSI – Home Price and Mortgage Rate Expectations

 

 

50%

48%

32%

42%

37%

42% 40%

14%

20%

31% 23% 22%23%

20%

29% 28%

35%

35%

40%

34%

38%

36%

28%

0%

19%

15%

19%20%

-10%

0%

10%

20%

30%

40%

50%

60%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Go Up Go Down Stay the Same Net Go Up

Respondents who say home prices will... in the next 12 months

6% 4%

12% 17%

36% 35%

29%

54%

69%

51% 46%

28%

32%

34% 34%

23%

34% 37%

35%

32%

36%

-48%

-65%

-39%

-29%

8%3%

-5%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Go Down Go Up Stay the Same Net Go Down

Respondents who say mortgage rates will... in the next 12 months

The net share of consumers who say home prices will go up increased 1 percentage point to 20%. While 20% 

expect home prices to go down, 40% of consumers expect home prices to go up. More than a third (38%) expect 

home prices to stay the same. 

This month, the net share of those who say mortgage rates will go down over the next 12 months decreased by 8

percentage points to -5%.
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 4 of 15

Components of the HPSI – Job Loss Concern and Household Incomes

 

 

82% 86%

78% 75%

82%78%77%

17%

11%

21% 23% 18% 22%

23%

65%

75%

57%

52%

64%

56% 54%

0%

20%

40%

60%

80%

100%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Not Concerned Concerned Net Not Concerned

Employed Respondents who say they are... about losing their job in the next 12 months

25% 29%

20% 18% 17%19% 19%

15%

13%

11% 13% 13% 11% 12%

56% 53%

68% 68% 69%70% 68%

10%

16%

9%

5% 4%

9% 7% 0%

10%

20%

30%

40%

50%

60%

70%

80%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Significantly Higher Significantly Lower About the Same Net Significantly Higher

Respondents who say their household income is... compared to 12 months ago

In March, the net share of employed consumers who say they are not concerned about losing their job decreased 2

percentage points to 54%.

The share who say their household income is significantly higher than it was a year ago remained at 19%, while the 

share who say it is significantly lower increased 1 percentage point to 12%. The net share who say their household 

income is significantly higher than a year ago dropped 2 percentage points to 7%.
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 5 of 15

Additional National Housing Survey Key Indicators

 

 

3.0%

2.2%

-0.2%

1.8% 1.4%

1.1%

1.6%

5.3%

7.2%

6.6% 7.0%

5.9%

6.2%

6.7%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Home Price Rental Price

Average Expected Percent Change Over the Next 12 Months

56%

68%

65%

68%

64%66%69%

4% 5% 7% 7% 8% 7% 7%

32%

24% 25% 24%

28%27%

23%

0%

20%

40%

60%

80%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24

Mar-24

Go Up Go Down Stay the Same

Respondents who say home rental prices will... in the next 12 months

Consumers expect rental prices to increase 6.7% on average over the next 12 months (a 0.5 percentage-point 

increase month-over-month). Home prices are expected to increase 1.6% on average over the next 12 months (a 

0.5 percentage-point increase from last month).

The share of consumers who expect home rental prices to go up increased 3 percentage points to 69%, and the 

share who expect rental prices to go down remained at 7%.
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 6 of 15

Additional National Housing Survey Key Indicators

 

 

66% 66% 67% 69% 67%69%68%

27% 28% 31% 31% 32%30%32%

0%

20%

40%

60%

80%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Buy Rent

Respondents who say they would... if they were going to move

58% 57%

46%

40% 42%

46%42%

37%

41%

52%

60% 58%

54%

58%

0%

20%

40%

60%

80%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Easy Difficult

Respondents who think it would be... to get a home mortgage today

The share of consumers who say they would buy a home if they were going to move decreased 1 percentage point

to 68%. The share who say they would rent increased 2 percentage points to 32%.

The share of consumers who say getting a mortgage would be difficult increased 4 percentage points to 58%, while 

the share who say getting a mortgage would be easy decreased 4 percentage points to 42%.
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 7 of 15

Additional National Housing Survey Key Indicators

 

 

47%

40%

29% 30% 30%

34%31%

15%

25%

22% 24%

19%20% 18%

35% 35%

48% 46%

51%

46%50%

0%

20%

40%

60%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24Mar-24

Get Better Get Worse Stay the same

Respondents who expect their personal financial situation to... over the next 12 months

37%

21% 24%

28%

25%

31%29%

51%

73% 74% 71% 75%

68%

71%

0%

20%

40%

60%

80%

100%

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21Sep-21

Oct-21

Nov-21Dec-21

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22Sep-22

Oct-22

Nov-22Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23Sep-23

Oct-23

Nov-23Dec-23

Jan-24

Feb-24

Mar-24

Right Track Wrong Track

Respondents who say the economy is on the...

The share of consumers who expect their personal financial situation to get better decreased 3 percentage points to

31%, and the share who expect it to get worse decreased 2 percentage point to 18%. The share who expect their 

personal financial situation to stay the same increased 4 percentage points to 50%.

The share of consumers who say the economy is on the right track decreased 2 percentage points to 29% while the 

share who say the economy is on the wrong track increased 3 percentage points to 71%.
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 8 of 15

The National Housing Survey®

March 2024

APPENDIX

About the Survey

The National Housing Survey® polled a nationally representative sample of 1,029 household financial decision makers 

(margin of error ± 4.01%) aged 18 and older between March 1

st and March 19th

, 2024. 

The survey was fielded through AmeriSpeak ®, NORC at the University of Chicago’s probability-based panel, in 

coordination with Fannie Mae and PSB Insights.

The statistics in this release were estimated from sample surveys and are subject to sampling variability as well as nonsampling error, including bias and variance from response, nonreporting, and under-coverage, though weighting corrections 

have been applied. Averages of expected price changes were calculated after converting responses of “stay the same” to 0% 

and after excluding outliers, which were defined to be responses that were more than two standard deviations from the mean. 

How the Home Purchase Sentiment Index (HPSI) is Calculated*

Net Good Time to Buy

Very or Somewhat Good Time To Buy – Very or Somewhat Bad Time To Buy Q12

Net Good Time to Sell

Very or Somewhat Good Time To Sell – Very or Somewhat Bad Time To Sell Q13

Net Home Prices Will Go Up (next 12 months)

Home Prices Will Go Up – Home Prices Will Go Down Q15

Net Mortgage Rates Will Go Down (next 12 months)

Mortgage Rates Will Go Down – Mortgage Rates Will Go Up Q20B

Net Confident About Not Losing Job (next 12 months)

Among Employed Respondents, Not at All or Not Very Concerned about Losing Job –

Very or Somewhat Concerned about Losing Job 

Q112B

Net Household Income is Significantly Higher (past 12 months)

Income is Significantly Higher – Income is Significantly Lower Q116

HPSI =

Q12 + Q13 + Q15 + Q20B + Q112B + Q116

6

+ 63.5

* The HPSI calculation includes the addition of a constant of 63.5 in order to set the index’s initial value at 60 as of March 2011, in range 

with the Index of Consumer Sentiment and the Consumer Confidence Index

 

Time Series Data: https://www.fanniemae.com/media/document/xlsx/nhs-monthly-indicator-data-030724

HPSI Overview: https://www.fanniemae.com/media/document/pdf/hpsi-overviewpdf

HPSI White Paper: https://www.fanniemae.com/media/document/pdf/hpsi-whitepaperpdf
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 9 of 15

Home Purchase Sentiment Index Over the Past 12 Months

March 2023 61.3

April 2023 66.8

May 2023 65.6

June 2023 66.0

July 2023 66.8

August 2023 66.9

September 2023 64.5

October 2023 64.9

November 2023 64.3

December 2023 67.2

January 2024 70.7

February 2024 72.8

March 2024 71.9

Percent of respondents who say it is a good or bad time to buy

% Good Time to Buy % Bad Time to Buy Net % Good Time to Buy

March 2023 20 79 -60

April 2023 23 77 -54

May 2023 19 80 -61

June 2023 22 78 -56

July 2023 18 82 -64

August 2023 18 82 -64

September 2023 16 84 -68

October 2023 15 85 -70

November 2023 14 85 -71

December 2023 17 83 -66

January 2024 17 83 -66

February 2024 19 81 -62

March 2024 21 79 -58
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 10 of 15

Percent of respondents who say it is a good or bad time to sell

% Good Time to Sell % Bad Time to Sell Net % Good Time to Sell

March 2023 58 40 18

April 2023 62 38 23

May 2023 65 34 31

June 2023 64 36 28

July 2023 64 36 28

August 2023 66 34 33

September 2023 63 37 26

October 2023 63 37 26

November 2023 60 40 21

December 2023 57 42 16

January 2024 60 40 19

February 2024 65 35 30

March 2024 66 34 32

Percent of respondents who say home prices will go up, go down, or stay the same in the next 12 months

% Go Up % Go Down % Stay the Same Net % Prices 

Will Go Up 

March 2023 32 31 35 0

April 2023 37 32 31 5

May 2023 39 28 33 11

June 2023 36 26 37 11

July 2023 41 24 34 17

August 2023 41 26 33 15

September 2023 42 23 35 19

October 2023 40 23 36 17

November 2023 41 24 35 17

December 2023 39 24 36 15

January 2024 37 22 40 15

February 2024 42 23 34 19

March 2024 40 20 38 20
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 11 of 15

Percent of respondents who say mortgage rates will go up, go down, or stay the same in the next 12 months 

% Go Up % Go Down % Stay the Same Net % Rates 

Will Go Down

March 2023 51 12 34 -39

April 2023 47 22 31 -26

May 2023 50 19 31 -31

June 2023 47 16 36 -32

July 2023 45 16 38 -29

August 2023 46 18 34 -28

September 2023 46 17 37 -29

October 2023 47 16 36 -30

November 2023 44 22 34 -22

December 2023 31 31 36 0

January 2024 28 36 35 8

February 2024 32 35 32 3

March 2024 34 29 36 -5

Percent of employed respondents who say are concerned or not concerned about losing their job 

% Concerned % Not Concerned Net % Not Concerned

March 2023 21 78 57

April 2023 21 79 58

May 2023 22 77 55

June 2023 22 77 54

July 2023 20 80 60

August 2023 22 78 55

September 2023 23 75 52

October 2023 21 78 57

November 2023 23 76 53

December 2023 24 75 50

January 2024 18 82 64

February 2024 22 78 56

March 2024 23 77 54
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 12 of 15

Percent of respondents who say their household income is higher, lower, or about the same compared to 12 months ago 

% Significantly Higher % Significantly Lower % About the Same Net % Higher

March 2023 20 11 68 9

April 2023 24 11 64 13

May 2023 20 12 67 8

June 2023 19 10 71 9

July 2023 19 10 71 9

August 2023 22 12 65 10

September 2023 18 13 68 5

October 2023 20 10 69 10

November 2023 19 12 68 7

December 2023 20 13 67 7

January 2024 17 13 69 4

February 2024 19 11 70 9

March 2024 19 12 68 7

Average home/rental price change expectation

% Home Price Change % Rental Price Change

March 2023 -0.2 6.6

April 2023 1.6 6.9

May 2023 0.6 6.7

June 2023 0.8 7.2

July 2023 1.9 6.6

August 2023 1.0 5.9

September 2023 1.8 7.0

October 2023 1.1 7.0

November 2023 1.2 5.6

December 2023 1.7 6.3

January 2024 1.4 5.9

February 2024 1.1 6.2

March 2024 1.6 6.7
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 13 of 15

Percent of respondents who say home rental prices will go up, go down, or stay the same in the next 12 

months 

% Go Up % Go Down % Stay the Same

March 2023 65 7 25

April 2023 66 12 21

May 2023 65 11 24

June 2023 69 8 22

July 2023 67 8 24

August 2023 69 7 25

September 2023 68 7 24

October 2023 68 6 25

November 2023 67 9 24

December 2023 67 8 24

January 2024 64 8 28

February 2024 66 7 27

March 2024 69 7 23

Percent of respondents who say they would buy or rent if they were going to move 

% Buy % Rent

March 2023 67 31

April 2023 69 30

May 2023 71 28

June 2023 67 32

July 2023 67 33

August 2023 71 28

September 2023 69 31

October 2023 69 30

November 2023 66 33

December 2023 65 33

January 2024 67 32

February 2024 69 30

March 2024 68 32
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 14 of 15

Percent of respondents who think it would be difficult or easy for them to get a home mortgage today

% Difficult % Easy

March 2023 52 46

April 2023 53 47

May 2023 55 45

June 2023 55 45

July 2023 56 44

August 2023 56 44

September 2023 60 40

October 2023 58 42

November 2023 59 41

December 2023 57 43

January 2024 58 42

February 2024 54 46

March 2024 58 42

Percent of respondents who expect their personal financial situation to get better, get worse, or stay the same in 

the next 12 months

% Get Better % Get Worse % Stay the Same

March 2023 29 22 48

April 2023 27 22 51

May 2023 30 22 47

June 2023 31 19 50

July 2023 30 18 51

August 2023 32 21 46

September 2023 30 24 46

October 2023 31 21 49

November 2023 30 20 50

December 2023 30 20 50

January 2024 30 19 51

February 2024 34 20 46

March 2024 31 18 50
© 2024 Fannie Mae. Trademarks of Fannie Mae. 3.26.2024 15 of 15

Percent of respondents who think the economy is on the right track or the wrong track

% Right Track % Wrong Track

March 2023 24 74

April 2023 26 74

May 2023 24 76

June 2023 26 74

July 2023 28 72

August 2023 30 69

September 2023 28 71

October 2023 21 78

November 2023 24 76

December 2023 30 70

January 2024 25 75

February 2024 31 68

March 2024 29 71