© 2022 Fannie Mae. Trademarks of Fannie Mae.

NATIONAL HOUSING SURVEY PILOT

January 2023

Findings Supporting the Transition of 

Fannie Mae’s National Housing Survey® from 

RDD Phone to Online AmeriSpeak® Panel
2

Executive Summary (1 of 2)

Background: Fannie Mae’s National Housing Survey (NHS) is a monthly attitudinal survey that polls the adult general 

population of the United States via telephone to assess their attitudes toward owning and renting a home, purchase and rental

prices, household finances, and overall confidence in the economy. Each month roughly 1,000 respondents are asked 

approximately 100 questions, making the National Housing Survey one of the most detailed attitudinal surveys of its kind, 

tracking shifts that occur among homeowners and renters in the United States. 

Study Objective: Over the past several years, a few sampling challenges emerged: low response rates for certain hard-toreach segments (e.g., renters, young people, and racial minorities), longer fielding times, and higher costs per interview. While 

these challenges are all increasingly common to exclusively telephone/RDD sample surveys, they increasingly created 

inefficiencies. Following industry trends and best practices, in September 2022, Fannie Mae launched a pilot study of the NHS

using NORC at the University of Chicago’s probability-based AmeriSpeak® Panel for the sample source. Most respondents 

complete the self-administered survey online, with a small percentage of supplemental phone interviews to reach those who 

are not online. The pilot study fielded through the end of December 2022, generating the four months of comparison data 

detailed in this report.
3

Executive Summary (2 of 2)

Pilot Findings: 

• The National Housing Survey fielded via the online AmeriSpeak® panel and traditional RDD phone mode perform similarly

on key outcomes, including the Home Purchase Sentiment Index and its 6 question components.

• The online AmeriSpeak® panel survey fields quickly and reaches slightly higher percentage of hard-to-reach audiences 

(e.g., renters, young people, and racial minorities) than the RDD phone survey.

• Differences in the monthly aggregate HPSI are small and not statistically different– indicating that the results and 

inferences drawn from the online survey are the same as the phone survey.

• There were no significant differences in the HPSI for key demographic groups (homeownership status, race, age, 

education, & income) in September, October, and November, with one exception among Black/African Americans in 

December.(1) This means that the HPSI scores for key NHS demographic groups are statistically the same regardless of 

survey mode.

• Aggregate net scores for the 6 questions that comprise the HPSI are all directionally the same with only one incidence 

of a significant difference between scores. In this case, multi-month trends suggest the difference was likely due to an 

anomaly in the phone survey, rather than the online (see slide 20).

• Based on the favorable results of this 4-month pilot study, Fannie Mae decided to transition the National Housing Survey 

sample to NORC’s AmeriSpeak panel, with continued overall fielding by PSB Insights, beginning in January 2023.

Notes: In December, there was a significant difference between the HPSI scores for Black/African Americans due to educational differences in the sample – with the online survey sample more accurately representing the national 

incidence (see slide 20).
4

Pilot Methodology

As many factors as possible remained consistent across the NHS RDD Phone and AmeriSpeak® Surveys. As planned, the key 

difference between the surveys was the mode – most AmeriSpeak® participants complete the self-administered survey online 

and only a small percentage opted to complete via telephone with a live interview administrator.

Survey Factors RDD Phone Survey AmeriSpeak® Online Survey

TARGET POPULATION General population of U.S. adults (age 18+) who make 

or share in the financial decisions made in their 

household

General population of U.S. adults (age 18+) who make 

or share in the financial decisions made in their 

household

MODES Cell Phone (~53%), Landline or Cell (~41%), and 

Landline (~6%) Online (~95%) with Phone (~5%) 

LANGUAGES English (~92%) & Spanish (~8%) English (~97%) & Spanish (~3%) 

SAMPLE SPECIFICATIONS Target of 1,000 completed interviews per month

Target of 1,000 completed interviews per month with 

a 3-month exclusion rule to ensure no panel 

participant takes the survey more than 4 times in a 

12-month period.

SURVEY LENGTH 

(Same questionnaire was fielded, differences in timing are 

due to mode, not questionnaire).

~15 minutes ~10 minutes online, ~15 minutes phone

INCENTIVE No incentive provided for completion Panelists are offered the cash equivalent of $3 for 

completing the survey

DATA COLLECTION

Approximately 21 calendar days with best efforts to 

evenly distribute sample across each week of the 

fielding period

Approximately 21 calendar days with best efforts to 

evenly distribute sample across each week of the 

fielding period
The NHS questionnaire remained largely the same between the two surveys. Changes were limited to small wording 

updates to ensure questions written for the phone made sense in a self-administered online environment. Only one difference in 

results between the two modes was attributed to differences in the questionnaire and it was Q23ba below, not a core HPSI 

question.

Examples of how RDD questions were updated for the online survey:

5

Questionnaire Comparison (1 of 2)

RDD Phone Survey AmeriSpeak® Online Survey

Q12b. [PHONE] Please tell me the primary reason why you think this 

is a good time to buy a house.

Q13. [PHONE] In general, do you think this is a very good time to sell a 

house, a somewhat good time, a somewhat bad time, or a very bad 

time to sell a house?

Q23ba. [PHONE] What would be your biggest obstacle to getting a 

mortgage to purchase or refinance a home today?

Q12b. [ONLINE] What is the primary reason why you think this is a 

good time to buy a house?

Q13. [ONLINE] In general, do you think it is a good time or bad time to 

sell a house?

Q23ba. [ONLINE] What would be your biggest obstacle to getting a 

mortgage to purchase or refinance a home today? [Select up to 3]
There were significant differences in the percentage of respondents who selected “don’t know” between the phone and 

online surveys. Although in most cases these differences did not cause significant differences between substantive response 

options between the two modes, it is worth noting as a difference between the two modes.

How does the act of choosing “don’t know” differ between the phone and online surveys? In the NHS phone survey, 

“don’t know” is permitted as a response option for many questions but it is not read as a response option by the interviewer.

To mimic this as closely as possible in the online survey, participants were coded as “don’t know” when they advanced to the 

next question without selecting an option. For a variety of reasons – including the cognitive ease of choosing from a written list 

of response options on a screen to the engagement level of participants in the AmeriSpeak® panel - online participants were 

less likely to opt for the implicit “don’t know” option than phone participants.

An example of significant differences in the percentage of “don’t know” responses with no effect on substantive findings:

6

Questionnaire Comparison (2 of 2)

/= Significantly Higher/Lower vs. other audience at 95% C.L

Go Up

Stay The Same

Go Down

Don't Know/Skipped 

on Web/Refused

32% 28% 30% 32% 30% 33% 30% 30%

28% 30% 26% 29% 30% 29% 29% 33%

35% 41% 37%

38% 34% 37% 37% 37%

6%

1% 7%1% 6%1% 4% 1%

September October November

During the next 12 months, do you think home prices in general will go up, go down, or stay the same as where they are now?

December

RDD Phone Survey AmeriSpeak® Online Survey
7

Sampling Approach & Participant Experience

The NHS RDD Phone and AmeriSpeak® Surveys aimed to recruit nationally representative samples of U.S. adults aged 18+ 

who play a role in the financial decision-making in their household.

RDD Phone Survey AmeriSpeak® Online Survey

• To ensure a representative sample of the United States population was polled 

for the monthly NHS, PSB Insights and ReconMR used Random Digit Dialing 

(RDD). For the sample to accurately represent the U.S. population, 70% of calls 

are made to cell phones.

• For more specific sub-audiences, RDD’s targeting capabilities are limited. In 

turn, a sample list was generally used for low incidence audiences. This 

targeted landline dialing was conducted to ensure demographic quotas were 

reached and the month’s survey population was representative of the entire 

U.S. population. 

• The survey was administered by a live (not automated) interviewer in English 

or Spanish.

• The NHS was administered in two modes depending on the preference the 

respondent provides during the AmeriSpeak® panel recruitment: 

1) self-administered by the respondent online via the Web (~95%)

2) administered over the telephone by a live interviewer (~5%)

• Participants were invited into the survey in three batches to ensure the sample 

was evenly distributed across the three-week fielding period along with two 

additional targeted sample batches to increase participation rates among 

harder-to-reach populations (young adults ages 18-34, Asian American/Pacific 

Islanders, and low-income individuals).

• If invited, AmeriSpeak® panelists could take the survey online a variety of ways 

(e.g., web portal, app, weblink), and to encourage participation participants 

were sent several reminder emails following the initial invitation. 

• To administer the phone survey, NORC dialed sampled panelists who prefer to 

take surveys on the phone and a human interviewer administered the survey 

in English or Spanish. 

• A three-month exclusion rule ensured that the same person did not participate 

in the panel study more than once.
8

Weighting Comparison

RDD Phone Survey AmeriSpeak® Online Survey

The NHS is weighted using only the post-stratification weights detailed below.

The final NHS weighting variable is a product of three weights:

• AmeriSpeak® Panel Weights: Developed for all panel members to account for 

their probability of selection into the sample of panel recruits, panel 

recruitment nonresponse adjustments, and poststratification adjustments of 

the recruited panel to match population benchmarks. 

• Study Specific Base Weights: Base weights are a product of the AmeriSpeak® 

Panel Weights and the inverse of selection probabilities associated with 

sample selection from the panel. 

• Study Specific Final Weights: Adjustments of the base weights to address 

survey nonresponse through a weighting class method – post-stratification 

weighting.

Post-stratification weights based on 2019 1-Year ACS Population Estimates:

• Gender (Male, Female)

• Age (18-20, 21-24, 25-29, 30-34, 35-39, 40-44, 45-49, 50-54, 55-59, 60-64, 65-69, 70-74, 75+)

• Race/Ethnicity (White, African American, Hispanic, Asian, American Indian, Other)

• Household Income (<$10,000, $10,000-$14,999, $15,000-$24,999, $25,000-$34,999, $35,000-$49,999, $50,000-$74,999, $75,000-$99,999, $100,000-$149,999, 

$150,000-$199,999, $200,000+)

• Education (<High School, High School Degree, Some College/Associates Degree, College Graduate/Post Graduate Degree)

• Housing Status (Mortgage Borrowers, Outright Owners, Renters, Boarders who do not pay rent or own their home)

• Phone Type (Landline only, Cell phone only, Both landline and cell phone)

The NHS RDD Phone and AmeriSpeak® Surveys employed the same post-stratification weights. The AmeriSpeak® survey used 

additional weighting to account for panel selection bias and nonresponse.
9

Fielding & Sample Details

1,002

cases

1,186

cases

1,003

cases

1,240

cases

1,000

cases

1,065

cases

1,001

cases

1,081

cases

9/1-

9/22

9/1-

9/22

10/1-

10/22

10/1-

10/22

11/1-

11/19

11/1-

11/19

12/1-

12/20

12/1-

12/19

89% 95% 92% 97% 92% 94% 91% 97%

11% 5% 8% 3% 8% 6% 9% 3%

September 2022 October 2022

Mode

Fielding Dates

Sample Size

Strategy

• Same questions

• Same quota targets

• Same weighting approach

November 2022

English Sample

Spanish Sample

December 2022

RDD Phone Survey

AmeriSpeak® Online Survey
RESULTS
11

Unweighted Demographic Characteristics (1 of 5)

Unweighted Demographic (Owner Status, % of GP)

The online AmeriSpeak panel survey sample has a better representation of hard-to-reach audiences, including renters (as 

compared to the RDD phone survey).

66% 62%

27% 32%

7% 6%

65% 62%

27% 32%

8% 6%

64%

34%

2%

A C S B E N C H M A R K

Owners

Renters

Live With Someone and 

Don’t Pay For Housing

Homeownership 

Status

September October

Notes: (1) Unweighted demographics were not tested for statistical differences. 

(2) September Sample Sizes: RDD Phone Sample Size = 1,002 | AmeriSpeak Online Sample Size = 1,186

(3) October Sample Sizes: RDD Phone Sample Size = 1,003 | AmeriSpeak Online Sample Size = 1,240

(4) November Sample Sizes: RDD Phone Sample Size = 1,000 | AmeriSpeak Online Sample Size = 1,065

(5) December Sample Sizes: RDD Phone Sample Size = 1,001 | AmeriSpeak Online Sample Size = 1,081

(6) September AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

(7) October AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(8) November AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(9) December AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

2019 1-Year ACS

67% 63%

26% 32%

7% 5%

68% 65%

25% 31%

7% 4%

November December

RDD Phone Survey AmeriSpeak® Online Survey
12

Unweighted Demographic Characteristics (2 of 5)

Unweighted Demographic (Race, % of GP)

The online AmeriSpeak panel survey sample has a better representation of hard-to-reach audiences, including Asians (as 

compared to the RDD phone survey).

60% 64%

20% 16%

11% 11%

2% 4%

60% 63%

18% 16%

11% 13%

3% 4%

60%

18%

12%

6%

A C S B E N C H M A R K

White

Black/African American

Hispanic

Asian

Race

November December

Notes: (1) Unweighted demographics were not tested for statistical differences. 

(2) September Sample Sizes: RDD Phone Sample Size = 1,002 | AmeriSpeak Online Sample Size = 1,186

(3) October Sample Sizes: RDD Phone Sample Size = 1,003 | AmeriSpeak Online Sample Size = 1,240

(4) November Sample Sizes: RDD Phone Sample Size = 1,000 | AmeriSpeak Online Sample Size = 1,065

(5) December Sample Sizes: RDD Phone Sample Size = 1,001 | AmeriSpeak Online Sample Size = 1,081

(6) September AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

(7) October AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(8) November AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(9) December AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

62% 58%

19% 20%

10% 13%

2% 6%

58% 60%

23% 17%

10% 15%

2% 5%

September October

2019 1-Year ACS

RDD Phone Survey AmeriSpeak® Online Survey
16% 26%

14%

16%

37% 32%

29% 27%

16%

32% 13%

18%

37%

34%

32%

16%

13

Unweighted Demographic Characteristics (3 of 5)

Unweighted Demographic (Age, % of GP)

Age

September October

30%

16%

33%

21%

A C S B E N C H M A R K

18-34

45-64

35-44

65+

The online AmeriSpeak panel survey sample also does a better job of reaching young people than the RDD phone survey. 

Notes: (1) Unweighted demographics were not tested for statistical differences. 

(2) September Sample Sizes: RDD Phone Sample Size = 1,002 | AmeriSpeak Online Sample Size = 1,186

(3) October Sample Sizes: RDD Phone Sample Size = 1,003 | AmeriSpeak Online Sample Size = 1,240

(4) November Sample Sizes: RDD Phone Sample Size = 1,000 | AmeriSpeak Online Sample Size = 1,065

(5) December Sample Sizes: RDD Phone Sample Size = 1,001 | AmeriSpeak Online Sample Size = 1,081

(6) September AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

(7) October AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(8) November AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(9) December AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

16% 21%

13% 18%

38%

35%

30% 25%

17% 25%

15%

15%

37% 35%

28% 25%

November December

2019 1-Year ACS

RDD Phone Survey AmeriSpeak® Online Survey
14

Unweighted Demographic Characteristics (4 of 5)

Unweighted Demographic (Education Level, % of GP)

11% 4%

21%

19%

27% 33%

41% 44%

8% 7%

23% 19%

29% 32%

39% 42%

12%

28%

30%

31%

A C S B E N C H M A R K

Less than High School

Some College

High School

College/Grad School

Education Level

September October

Both survey modes struggle to reach respondents low levels of education at levels consistent with the national incidence.

Notes: (1) Unweighted demographics were not tested for statistical differences. 

(2) September Sample Sizes: RDD Phone Sample Size = 1,002 | AmeriSpeak Online Sample Size = 1,186

(3) October Sample Sizes: RDD Phone Sample Size = 1,003 | AmeriSpeak Online Sample Size = 1,240

(4) November Sample Sizes: RDD Phone Sample Size = 1,000 | AmeriSpeak Online Sample Size = 1,065

(5) December Sample Sizes: RDD Phone Sample Size = 1,001 | AmeriSpeak Online Sample Size = 1,081

(6) September AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

(7) October AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(8) November AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(9) December AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

7% 4%

22% 21%

30% 34%

40% 42%

7% 4%

21% 21%

27% 31%

44% 44%

November December

2019 1-Year ACS

RDD Phone Survey AmeriSpeak® Online Survey
19% 21%

25% 25%

30% 29%

26% 25%

22% 19%

17% 25%

24% 30%

21% 26%

15

Unweighted Demographic Characteristics (5 of 5)

Unweighted Demographic (Household Income Level, % of GP)

Household

Income Level

19% 19%

18% 25%

26% 34%

23% 22%

18% 21%

18% 22%

26% 32%

26% 25%

September October

18%

20%

30%

31%

A C S B E N C H M A R K

<$25k

$50-$100k

$25-50k

>$100k

Both survey modes struggle to reach respondents living in households with an annual income greater than $100k but reach 

representative samples of lower income groups.

Notes: (1) Unweighted demographics were not tested for statistical differences. 

(2) September Sample Sizes: RDD Phone Sample Size = 1,002 | AmeriSpeak Online Sample Size = 1,186

(3) October Sample Sizes: RDD Phone Sample Size = 1,003 | AmeriSpeak Online Sample Size = 1,240

(4) November Sample Sizes: RDD Phone Sample Size = 1,000 | AmeriSpeak Online Sample Size = 1,065

(5) December Sample Sizes: RDD Phone Sample Size = 1,001 | AmeriSpeak Online Sample Size = 1,081

(6) September AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

(7) October AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(8) November AmeriSpeak Sample Composition: 5% CATI (Phone), 95% CAWI (Online)

(9) December AmeriSpeak Sample Composition: 6% CATI (Phone), 94% CAWI (Online)

November December

2019 1-Year ACS

RDD Phone Survey AmeriSpeak® Online Survey
16

Home Purchase Sentiment Index (1 of 2)

The -2.1-point (Sept.) and 0.8-point (Oct.) differences between the RDD phone survey HPSI and online Amerispeak panel survey 

HPSI are not statistically significant, meaning there is no real difference in the HPSI score across modes in either month.

October

-2.1 +0.8

60.8 58.7

September

56.7 57.5

RDD Phone Survey AmeriSpeak® Online Survey
17

Home Purchase Sentiment Index (2 of 2)

The -2.1-point (Nov.) and -2.8-point (Dec.) differences between the RDD phone survey HPSI and online Amerispeak panel 

survey HPSI are not statistically significant, meaning there is no real difference in the HPSI score across modes in either month.

December

-2.1 -2.8

November

57.3 55.2

61 58.2

RDD Phone Survey AmeriSpeak® Online Survey
18

Home Purchase Sentiment Index (1 of 5) 

There were no significant differences in the HPSI among owners and renters in September, October, November, or December. 

This means that the HPSI scores for owners and renters are statistically the same regardless of survey mode.

60.9 60.7 57.6 61.1 55.5 59.9 56.3 59.9

56.7 54.2 58.8 56.7

59.4

64.7

58.4 58

0

10

20

30

40

50

60

70

80

90

100

Owner Renter

Home Purchase Sentiment Index (By Owner Status) 

Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.

RDD Phone Survey AmeriSpeak® Online Survey
19

Home Purchase Sentiment Index (2 of 5)

There were no significant differences in the HPSI for racial demographic groups in September, October, or November. In 

December, there was a significant difference between the HPSI scores for Black/African Americans due to educational 

differences in the sample – with the online survey sample more closely matching the national incidence. 

60.3 58.1

73.8

61.5

58.4

63.2

58.1

52.4

56.2

61.3 60.5 47.3

55.7

57.6

66.5 58.5

55.4

57.7

68.4 54.2

53.5

53.9

67.7

56.3

59.4 58.1

74.9

68.7

58.1

63.4

59.2 53.6

0

10

20

30

40

50

60

70

80

90

100

White Hispanic Black/African American Asian

Home Purchase Sentiment Index (Race) 

Notes: (1) Small n-sizes in Dec. data (Asian Online: n=61, Asian RDD: n=60)

(2) Although gaps between Black/African American and Asian samples appear large, they are not statistically different (due to small sample sizes and larger margins of error).

Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.

RDD Phone Survey AmeriSpeak® Online Survey
20

Home Purchase Sentiment Index (3 of 5) 

66.7

62.5

54.8

64.2

61.0

56.6

60.5

57.1

65.3

53.1

52.5

56.5

64.1

57.7

55.2

52.0

59.8 58.6

55.7 57

60.7

52.8 53.1

55.7

65.2

63.2

57.2

60.5

56.3

64.6

57.3 58.4

0

10

20

30

40

50

60

70

80

90

100

18-34 35-44 45-64 65+

Home Purchase Sentiment Index (Age) 

There were no significant differences in the HPSI for any age groups in September, October, November, or December. This 

means that the HPSI scores for age groups are statistically the same regardless of survey mode.

Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.

RDD Phone Survey AmeriSpeak® Online Survey
21

Home Purchase Sentiment Index (4 of 5) 

67.2

54.7

58.0

66.0

67.1

58.7

52.8

60.2

52.0

57.4 58.7

57.2

57.2

56.4 57.0

58.4

59.8

54.2

58.8 57.8

57

54.7 56.7

52.7

59.2

64.8

58.2

61.3

58.4

61.9

53.4

58.9

0

10

20

30

40

50

60

70

80

90

100

Less than High School High School Some College College/Grad School

Home Purchase Sentiment Index (Education Level) 

There were no significant differences in the HPSI for any education groups in September, October, November, or December. 

This means that the HPSI scores for education groups are statistically the same regardless of survey mode.

Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.

RDD Phone Survey AmeriSpeak® Online Survey
22

Home Purchase Sentiment Index (5 of 5) 

53.9

59.2

61.9 63.9

56.7 58.1

61.5

56.4 58.4 55.8

58.3

55.0

58.8

53.5

58.5

56.6

49.9

59.1 58.8 56.7

48.6

57

59.8

51

61.7 57.8 62 62.9

53.8

57.4

57

60.5

0

10

20

30

40

50

60

70

80

90

100

<$25k $25-50k $50-100k >$100k

Home Purchase Sentiment Index (Income Level) 

There were no significant differences in the HPSI for any income groups in September, October, November, or December. This 

means that the HPSI scores for income groups are statistically the same regardless of survey mode.

Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.

RDD Phone Survey AmeriSpeak® Online Survey
23

Home Purchase Sentiment Index Inputs 

In September, November, and December, there were no significance differences between surveys on the HPSI score 

components. In October the net score for “not concerned about losing job” was the one exception, with a significantly higher 

score among phone respondents than online (70% vs. 54%).

Home Purchase Sentiment Index Inputs (GP) 

Net Good Time To Buy Net Good Time To Sell Net Home Prices Will Go 

Up

Net Mortgage Rates Will 

Go Down

Net Not Concerned 

About Losing Job

Net Household Income Is 

Significantly Higher

-56

-65

-63

-64

-63

-66

-55

-61

26

37

9

21 16

14 10 10

-3

-13

-7

-6 -4

-4

-7

-6

-55

-47

-59

-50

-52

-48

-37

-38

56

55

70

54

57

47

64

56

15

4

11

9

10

7

11

8

-100

-80

-60

-40

-20

0

20

40

60

80

100

Sept Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. . Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.

RDD Phone Survey AmeriSpeak® Online Survey
Appendix
25

National Housing Survey

Background

• The Fannie Mae National Housing Survey is a monthly attitudinal survey, which polls ~1,000 adults from the general population

of the United States to assess their attitudes toward owning and renting a home, home purchase and rental prices, 

homeownership distress, household finances, and overall confidence in the economy. 

• Each respondent is asked more than 100 questions, making the Fannie Mae National Housing Survey the most detailed 

attitudinal survey of its kind. The survey is conducted on a monthly basis to track attitudinal shifts that occur among 

Homebuyers and renters in the United States. 

Monthly and Topic Analyses and Research Briefs 

• Monthly reports provide a timely view of trends in consumers’ attitudes using twelve key indicators. 

http://www.fanniemae.com/portal/research-insights/surveys/national-housing-survey.html 

• Topic analyses provide deeper insights into one or more issues based on the compilation of three-monthly samples. The threemonthly studies that make up any given topic analysis are identical in wording and placement of questions. Additionally, 

research briefs are occasional and rigorous research reports, conducted internally or by external partners such as academics,

exploring attitudes and behaviors on key issues. 

http://www.fanniemae.com/portal/research-insights/surveys/special-topics.html
26

Home Purchase Sentiment Index (HPSI)

Number NHS Question

Q12 Net Good Time To Buy

(Very and Somewhat Good Time To Buy – Very and Somewhat Bad Time To Buy)

Q13 Net Good Time To Sell

(Very and Somewhat Good Time To Sell – Very and Somewhat Bad Time To Sell)

Q15 Net Home Prices Will Go Up (next 12 months)

(Home Prices Will Go Up – Home Prices Will Go Down)

Q20B Net Mortgage Rates Will Go Down (next 12 months)

(Mortgage Rates Will Go Down – Mortgage Rates Will Go Up)

Q112B Net Confident about Not Losing Job (next 12 months)

(Not at All and Not Very Concerned about Losing Job – Very and Somewhat Concerned about Losing Job)

Q116 Net Confident about Not Losing Job (next 12 months)

(Income is Significantly Higher – Income is Significantly Lower)

Notes: (1) Survey responses are expressed as net percent positive, e.g., good minus bad, up minus down.

(2) The net percent positives for each question are weighted equally in calculating the HPSI.

(3) HPSI set to 60 at March, 2011, the first month that Question 112B was asked in the NHS.

HPSI =

Q12 + Q13 + Q15 + Q20B + Q112B + Q116

6

+ 63.5
27

AmeriSpeak® from NORC at the University of Chicago

AmeriSpeak is the first U.S. multi-client household panel to combine the speed and cost-effectiveness of panel surveys 

with enhanced representativeness of the U.S. population, an industry-leading response rate, and the NORC Card, an 

innovative sample quality report card. Since its founding by NORC at the University of Chicago in 2015, AmeriSpeak has 

produced more than 900 surveys, been cited by dozens of media outlets and become the primary survey partner of the 

nation's preeminent news service, The Associated Press. Their sampling captures a true picture of America, providing 

better representation than other panels for hard-to-reach populations, including low-income households, less 

educated persons, young adults, rural households, persons who are less interested in the news, and social and political 

conservatives. AmeriSpeak is the most scientifically rigorous multi-client panel available in the U.S. market. 

Additional information about the AmeriSpeak® panel design and a detailed technical overview can be found at: 

https://amerispeak.norc.org/us/en/amerispeak/about-amerispeak/panel-design.html
28

Statistical Significance Testing

Statistical significance of the HPSI and net scores is 

established by comparing estimates of population 

parameters to determine if the estimates are different.

Estimates of population parameters are calculated by 

converting the HPSI and net scores into a mean and 

calculating the surrounding confidence intervals.

Overlap of the confidence intervals surrounding two 

compared point estimates implies that the confidence 

interval surrounding the difference between the two point 

estimates contains 0. Therefore, there is no statistical 

difference between the two point estimates.

The confidence interval is calculated by:

The standard deviation of the sample is estimated by 

converting the HPSI and net scores into a respondent level 

series.

The hypotheses are: