JPMorgan Chase has just announced a partnership with Pulsenomics on a newly-expanded suite of U.S. housing market indices. From respondent data collected in our survey of more than 15,500 households–500 from each of 25 individual metropolitan statistical areas, plus 3,000 from a national sample–The Chase Housing Confidence Index™ (HCI) systematically measures and monitors key dimensions of consumer confidence in local housing markets across the United States at national, regional, and individual metro area levels. Calculated on a 0-100 scale, HCI values greater than 50 indicate positive sentiment, and index values less than 50 indicate negative sentiment.
HCI reflects a systematic assessment of prevailing sentiment among both homeowners and renters concerning their local housing market, including their take on current market conditions, short- and long-term expectations for future home value changes and home affordability, and aspirations for homeownership.
Fueled in part by soaring expectations among renter households, U.S. housing confidence is at a record-high level, with residents in the Western Region most optimistic.
The below ranking pertains to “all-tenure” HCIs—those for homeowner and renter households combined (Pulsenomics also publishes tenure-specific HCIs). Over the past two years, the housing confidence rank of Las Vegas residents increased the most by vaulting from the #13 spot to #3, while the ranking of Los Angeles households fell the most, dropping from #1 to #14.
In every individual metro area measured by this unique index, housing confidence is at a higher level than it was at HCI inception in Q1 2014.
- Among homeowner households, those in Dallas have recorded the largest gain (+10.3 index points).
- Among renter households, those in Detroit have recorded the most significant gain (+11.7 index points).