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Constructing the Home Purchase Sentiment Index
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Constructing the Home Purchase Sentiment Index

James A. Wilcox
FRBSF, 2017
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Editorial Rating

8

Qualities

  • Analytical
  • Innovative
  • Overview

Recommendation

Interest in understanding the dynamics of the housing market and the sector’s relationship to the broader economy has grown since the 2008 financial crisis. In this brief overview, Professor James A. Wilcox introduces a Home Purchase Sentiment Index that can provide enhanced forecasts of the US housing market’s direction. getAbstract recommends this informative report on a new economic tool to policy experts, financial executives and anyone watching the US residential real estate market. 

Take-Aways

  • The Home Purchase Sentiment Index (HPSI) is a new sector-specific measure of the factors that shape people’s decisions about housing.
  • The HPSI includes questions that elicit consumer behavioral influences concerning buying and selling a home, expectations about prices and interest rates, and perceived security in employment and income.
  • Analyses suggest that the HPSI is a more stable indicator of housing market sentiment than the broad consumer sentiment measures are.

About the Author

James A. Wilcox is a professor at the University of California, Berkeley. 

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