WASHINGTON, DC – Fannie Mae published the results of its September 2025 National Housing Survey, which includes the Home Purchase Sentiment Index^® (HPSI), a measure of consumer sentiment toward housing. Month over month, the HPSI remained unchanged at 71.4. Year over year, the HPSI is down 2.5 points. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher or lower than they were a year earlier.