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The Fannie Mae Home Purchase Sentiment Index in May decreased 0.5 percentage points as the net share of Americans reporting that now is a good time to buy a home fell 8 percentage points to a record low of 27 percent.

"Despite the decline in buyer sentiment, demographic trends will help ensure a healthy dose of demand for years to come," said NAFCU Chief Economist and Director of Research Curt Long. "But supply remains tight and affordability conditions continue to suffer as a result."

However, according to the index, the net share reporting that now is a good time to sell a home increased 6 percentage points to 32 percent – a new survey high.

Among other survey results for May on a net share basis:

• those who say that home prices will go up decreased 5 percentage points to 40 percent;
• those who say mortgage rates will go down over the next 12 months rose 5 percentage points to -52 percent;
• those not concerned about losing their jobs fell 6 percentage points to 71 percent; and
• those who say their household incomes are significantly higher than 12 months ago rose 5 percentage points to 18 percent.