More consumers expressed worries about the housing market, as prospects for higher income remained suppressed, Fannie Mae said.
Fannie Mae's Home Purchase Sentiment Index dropped 2.4% to 80.8 in November, compared to October. The "Household Income" component of the index fell 5 percentage points; correspondingly, the "Good Time to Sell" component of the Index fell 6 points.
"Aggregate income growth has gradually picked up with a continually improving labor market," Doug Duncan, Fannie Mae's chief economist, said in a news release. "[But] consumers' assessment of their income over the past year has not yet shown sustained improvement, partially weighing on overall sentiment."
The share of consumers who said it's a good time to buy a house rose 1 percentage point to 35%.
The index is constructed from six National Housing Survey questions that Fannie Mae asks consumers each month.
