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While Fannie Mae’s overall Home Purchase Sentiment Index (HPSI) remained fairly flat in May, it revealed that homebuyers are harboring an increasingly negative view of the market, thanks to high competition, low inventory and surging prices.

The HPSI increased by 1.0 points monthly to reach a reading of 80.0, with four of its six components increasing month over month. Those components are derived via answers to six survey topics, each of which gauges a different facet of the housing market.