The first Fannie Mae Home Purchase Sentiment Index fell 0.5 points to 80.8 in August from where it would have been in July.
This new index merges the results of six questions on Fannie Mae's National Housing Survey into one monthly indicator. If it had existed then, the HPSI would have reached its all-time high in June at 84.7. The HPSI is up overall 5.3 points year-over-year.
"The Fannie Mae Home Purchase Sentiment Index provides the market a single number to track consumer attitudes focused on the housing market," said Doug Duncan, senior vice president and chief economist at Fannie Mae.
"Utilizing our National Housing Survey, the only consumer sentiment survey of its kind focused on housing, the HPSI will offer insights regarding current and future-looking housing market outcomes and will complement existing data sources to inform housing-related analysis."
Two of the HPSI's components — confidence about not losing their job and it being a good time to sell — rose by 3 points and 1 point, respectively, from the previous month. Additionally, the home price and mortgage rate net expectations fell 3 points each since July.
