Housing Confidence Index™

The U.S. Housing Confidence Index™ (HCI) was developed by Pulsenomics to effectively monitor and concisely communicate the pulse of U.S. real estate markets nationally, regionally, and at individual metropolitan area levels.

The HCI data set is comprised of more than 750 time series that summarize millions of household attitudinal indicators pertinent to local real estate market conditions, home value and affordability expectations, homeownership aspirations, and more.

Chip Case

"Over the last three decades, we have learned a great deal about the dynamics of home prices. Our research shows that real estate values have enormous wealth effects, but the markets are inefficient, and are propelled by expectations of market participants. These housing confidence data are critical inputs to our understanding of consumer behavior, and where real estate markets and the economy may be heading."

Karl "Chip" Case

Wellesley College Professor Emeritus and Pulsenomics Honorary Advisor (1946-2016)

Robert Shiller

"These indices will add immeasurably to our understanding of housing markets, with unprecedented detailed information through time and across geographical areas. We have always been mostly in the dark about fundamental drivers of home prices–now that will change.”

Robert Shiller

Yale Professor, Nobel laureate and Pulsenomics Honorary Advisor

HCI Data

Metro Area Rankings

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Housing Confidence

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Homeowner Confidence

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Renter Confidence

Interactive Map

(click a location for summary index data, and then "Selected HCI series" to view index trends)

Dashboard Menu




Create a customized index table

Select, sort, and compare:

  • Index levels
  • Point changes
  • Metro area rankings
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Index Analyzer

Index Analyzer

View and compare index trends

  • Index drill-down: view sub-index gauges and drivers
  • Transaction sentiment
  • Home value expectations
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Attitude Explorer

Attitude Explorer

Analyze response data from the U.S. Housing Confidence Survey

Discover and compare prevailing sentiments and multi-year attitudinal trends by:

  • Metro market
  • Tenure (e.g., renters, owners)
  • Generation (e.g., millennials)

This unique index set is derived from response data collected in the Pulsenomics U.S. Housing Confidence Survey(HCS)the most expansive opinion research study of its kind. Each HCI update is produced using more than one million data points, compiled from more than 15,000 survey questionnaires completed by heads of household across the United States.

The scale, depth and quality of these data enable production of high-resolution indexes: HCIs are produced for individual tenure categories (i.e., homeowner households and renter households), a variety of geographic strata (nationwide, individual regions and metropolitan areas), and demographic profiles (e.g., millennials).    

HCI (and HCI sub-indexes) systematically quantify and track over time key attitudes that can confirm or foreshadow important changes in real estate market dynamics. HCI summarize: 

  • Household assessments of the condition of their local real estate market
  • Short- and long-term expectations for future home value changes and home affordability
  • Aspirations for homeownership

HCI Documentation

Transaction Sentiment Index™

The Transaction Sentiment Index (TSI) systematically scores and tracks home-buying and home-selling mindsets of heads of household across the United States.

It is the only measure of its kind that does so by tenure category (i.e., renters, owners) and generation (e.g., millennials)--and at national, regional, and metro area levels. Pulsenomics maintains and updates hundreds of TSI series using data compiled in the biannual U.S. Housing Confidence Survey TM (HCS).

TSI is composed of a pair of complementary data series, i.e., The Home Buying Sentiment Index TM (SSI) and The Home Selling Sentiment Index TM (BSI). As the highest-resolution barometer of prevalent home-buying and home-selling attitudes, TSI provides valuable context and unique insight concerning related market metrics, such as for-sale inventory levels, transaction volume, home value trends, and housing confidence.

TSI Data

Metro Area Rankings

Interactive Map

(click a location for summary index data, and then "Selected TSI series" to view index trends)

TSI Documentation