Concerns over rising home prices tempered a 2.2 percentage point increase in Fannie Mae's Home Price Sentiment Index.

April's HPSI was 86.7, with five out of six components higher. This is compared with 84.5 for March and 83.7 for April 2016.

The net share of Americans who believe it is a good time to buy a home is 35%, an increase of five percentage points from March.

Those who believe it is a good time to sell declined five percentage points to 26%.

"Historically strong inflation-adjusted house price gains are tempering consumer sentiment, whereas consumer optimism regarding the ease of getting a mortgage reached a survey high. On balance, housing continues on a gradual growth track," said Fannie Mae Chief Economist Doug Duncan in a press release.

There was a three percentage point decline in the number of people that believe mortgage rates will rise over the next 12 months, to 57%.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry