HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS is the Founder and Managing Member of Pulsenomics LLC. He is the author of The U.S. Housing Confidence Survey™ and inventor of The U.S. Housing Confidence Index™.Terry created The Home Price Expectations Survey™, and since 2010, has managed an expert panel comprised of over 150 leading economists, investment strategists, portfolio managers, and real estate market analysts. SURVEYS | PULSENOMICS SURVEY RESEARCH U.S. Housing Confidence Survey™ The U.S. Housing Confidence Survey™ (HCS) was developed by Pulsenomics to facilitate

the systematic

INDEXES | PULSENOMICS 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. DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more. EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households.

NEWS ARCHIVE

NEWS ARCHIVE Press Releases (Archive) Media (Archive) Experts: Short-term Home Rentals Have Little to No Impact on Housing Affordability December 6, 2016 TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS is the Founder and Managing Member of Pulsenomics LLC. He is the author of The U.S. Housing Confidence Survey™ and inventor of The U.S. Housing Confidence Index™.Terry created The Home Price Expectations Survey™, and since 2010, has managed an expert panel comprised of over 150 leading economists, investment strategists, portfolio managers, and real estate market analysts. SURVEYS | PULSENOMICS SURVEY RESEARCH U.S. Housing Confidence Survey™ The U.S. Housing Confidence Survey™ (HCS) was developed by Pulsenomics to facilitate

the systematic

INDEXES | PULSENOMICS 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. DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more. EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households.

NEWS ARCHIVE

NEWS ARCHIVE Press Releases (Archive) Media (Archive) Experts: Short-term Home Rentals Have Little to No Impact on Housing Affordability December 6, 2016 TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

BLOG | PULSENOMICS

The latest edition of The Zillow Home Price Expectations Survey, conducted by Pulsenomics, was released this morning. In addition to

PRESS RELEASES

News - Press Releases What to Expect in the Housing Market After the Pandemic April 14, 2021 Survey Predicts Austin will be the Nation's

Hottest Housing

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. TRANSACTION SENTIMENT INDEX ANALYZER Sources: The Transaction Sentiment Index™ and The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000

households.

TERMS OF USE

The content appearing on this Site (“Content”) is intended for U.S. residents only. The Content and any and all intellectual property rights therein are and shall remain at all times the property of Pulsenomics or its licensors or suppliers. RENTER CONFIDENCE DASHBOARD AND INFOGRAPHICS Renter Confidence Dashboard. Sources: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households, and indices derived therefrom (The Housing Confidence Index™and The Transaction Sentiment Index™). TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

HOME PRICE EXPECTATIONS SURVEY Page 2 HOME PRICE EXPECTATIONS SURVEY Top-10 Rankings for 2019 20.54% Rank Panelist Title Affiliation Q1 2017 Q2 2017 Q3 2017 Q4 2017 1 Edward Pinto Resident Fellow American Enterprise Institute 18.54% 18.54% 20.57% 20.57% 2 Raymond Hodgdon CEO Enlightened Economics 21.36% 18.32% 18.32% 19.32% 3 Stacy Sirmans Director FSU Center for Real Estate Education & Research HOME PRICE EXPECTATIONS SURVEY Page 1 8.39% Rank Panelist Title Affiliation Q1 2020 Q2 2020 Q3 2020 Q4 2020 1 Jim Kleckley Director, Bureau of Business Research East Carolina University 4.50% 4.40% 4.40% 7.80% 2 Raymond Hodgdon CEO Enlightened Economics 8.00% 3.00% 5.60% 4.20% 3 Maria Fiorini Ramirez Chief Executive Officer MFR, Inc. 4.00% 2.50% 8.00% 5.80% 4 Michael Englund Chief Economist Action Economics LLC 5.00% FOR INTERNAL USE ONLY U.S. HOUSING CONFIDENCE SURVEY FOR INTERNAL USE ONLY Sample Assessment: Size Avg Ann Cumul 3000 2.8% 31.2% 1916 2.5% 28.0% 489 2.2% 24.6% 1084 3.2% 37.4% 6.7% 5.8% 2.8% 608 3.2% 36.8% Rank Mean Rank Mean Rank Mean 608 1 Millennial Renters 8.8% ## 1 Gen Z 8.1% ## 1 All Renters 3.2% 362 2.5% 28.4% 108 2 Gen Z 8.2% ## 2 Millennial Renters 7.9% ## 2 Millennial Renters 3.2% 954 2.4% 27.0% ### 3 All Renters 7.9% ## 3 All HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS ABOUT US. Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at large. We develop authoritative household

surveys

SURVEYS | PULSENOMICS National, Regional, and MSA-specific Coverage. HCS is administered to more than 15,000 U.S. households across the United States. Pulsenomics compiles and analyzes survey responses in completed questionnaires collected from representative samples of 3,000 households nationwide, plus 500 households from each of 25 of the largest metropolitan areas. INDEXES | PULSENOMICS 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

DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more.

PRESS RELEASES

April 14, 2021. Survey Predicts Austin will be the Nation's Hottest Housing Market in 2021, Leading a Sunbelt Surge. January 19, 2021. Strong Home Prices Expected to Continue Through 2021, but Economic Uncertainty is Clouding Long-Term Outlook. September 24, 2020. 2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS ABOUT US. Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at large. We develop authoritative household

surveys

SURVEYS | PULSENOMICS National, Regional, and MSA-specific Coverage. HCS is administered to more than 15,000 U.S. households across the United States. Pulsenomics compiles and analyzes survey responses in completed questionnaires collected from representative samples of 3,000 households nationwide, plus 500 households from each of 25 of the largest metropolitan areas. INDEXES | PULSENOMICS 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

DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more.

PRESS RELEASES

April 14, 2021. Survey Predicts Austin will be the Nation's Hottest Housing Market in 2021, Leading a Sunbelt Surge. January 19, 2021. Strong Home Prices Expected to Continue Through 2021, but Economic Uncertainty is Clouding Long-Term Outlook. September 24, 2020. 2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

BLOG | PULSENOMICS

Experts Predict U.S. Recession in 2020–and that Fed Policy will be the Trigger. By Pulsenomics | May 23, 2018. One-half of the experts surveyed by Pulsenomics in its most recent panel survey expect the next U.S. recession to begin Read More →. EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

NEWS ARCHIVE

February 12, 2014. Experts Predict Annual Pace of Home Value Appreciation to Slow in 2014 and Beyond. November 7, 2013. U.S. Home Value Appreciation Expected to Top 6 Percent in 2013. August 8, 2013. Bubble Fears Emerge As Experts Predict Value Appreciation Will Remain Above 5 Percent This Year. May 7, 2013. HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. RENTER CONFIDENCE DASHBOARD AND INFOGRAPHICS Renter Confidence Dashboard. Sources: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households, and indices derived therefrom (The Housing Confidence Index™and The Transaction Sentiment Index™).

TERMS OF USE

TERMS OF USE. This www.pulsenomics.com web site (“Site”) is owned and operated by Pulsenomics LLC (“Pulsenomics”, “we”, “our” or “us”) in conjunction with others pursuant to contractual arrangements. Your right to access this website is subject to the general terms and conditions set forth below. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q2 2020 Zillow Home Price Expectations Survey - Supplemental Questions Most of this year's lost springtime volume will Answer choice: # Percent % w/opinion Materialize later in 2020 10 9% 10% Get pushed into next year, and "double-up" springtime home buying demand in 202121 20% 22% Be spread-out over several years 53 50% 55% Be forever lost 11 10% 11% None of the above 2 2% 2% THE U.S. HOUSING CONFIDENCE INDEX™ The U.S. Housing Confidence Survey and Index Overview Page | 5 National and Metropolitan Area Samples In addition to a nation-wide study, HCS research is HOME | PULSENOMICSWEB VIEW 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025. 2/19/2021 18:19:02 2.9000000000000001e-2 3.1e-2 3.4000000000000002e-2 0.03 3.2000000000000001e-2 2.9000000000000137e-2

PULSENOMICS

The latest edition of The Zillow Home Price Expectations Survey, conducted by Pulsenomics, was released this morning. In addition to their home price outlook, our expert panel members also weighed-in with their expectations for: Home-buying demand through next year The factors expected to impact near-term home-buying demand The durability of our record-long U.S. economic expansion HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS ABOUT US. Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at large. We develop authoritative household

surveys

SURVEYS | PULSENOMICS National, Regional, and MSA-specific Coverage. HCS is administered to more than 15,000 U.S. households across the United States. Pulsenomics compiles and analyzes survey responses in completed questionnaires collected from representative samples of 3,000 households nationwide, plus 500 households from each of 25 of the largest metropolitan areas. INDEXES | PULSENOMICS 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

DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more.

PRESS RELEASES

April 14, 2021. Survey Predicts Austin will be the Nation's Hottest Housing Market in 2021, Leading a Sunbelt Surge. January 19, 2021. Strong Home Prices Expected to Continue Through 2021, but Economic Uncertainty is Clouding Long-Term Outlook. September 24, 2020. 2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS ABOUT US. Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at large. We develop authoritative household

surveys

SURVEYS | PULSENOMICS National, Regional, and MSA-specific Coverage. HCS is administered to more than 15,000 U.S. households across the United States. Pulsenomics compiles and analyzes survey responses in completed questionnaires collected from representative samples of 3,000 households nationwide, plus 500 households from each of 25 of the largest metropolitan areas. INDEXES | PULSENOMICS 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

DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more.

PRESS RELEASES

April 14, 2021. Survey Predicts Austin will be the Nation's Hottest Housing Market in 2021, Leading a Sunbelt Surge. January 19, 2021. Strong Home Prices Expected to Continue Through 2021, but Economic Uncertainty is Clouding Long-Term Outlook. September 24, 2020. 2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

BLOG | PULSENOMICS

Experts Predict U.S. Recession in 2020–and that Fed Policy will be the Trigger. By Pulsenomics | May 23, 2018. One-half of the experts surveyed by Pulsenomics in its most recent panel survey expect the next U.S. recession to begin Read More →. EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

NEWS ARCHIVE

February 12, 2014. Experts Predict Annual Pace of Home Value Appreciation to Slow in 2014 and Beyond. November 7, 2013. U.S. Home Value Appreciation Expected to Top 6 Percent in 2013. August 8, 2013. Bubble Fears Emerge As Experts Predict Value Appreciation Will Remain Above 5 Percent This Year. May 7, 2013. HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. RENTER CONFIDENCE DASHBOARD AND INFOGRAPHICS Renter Confidence Dashboard. Sources: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households, and indices derived therefrom (The Housing Confidence Index™and The Transaction Sentiment Index™).

TERMS OF USE

TERMS OF USE. This www.pulsenomics.com web site (“Site”) is owned and operated by Pulsenomics LLC (“Pulsenomics”, “we”, “our” or “us”) in conjunction with others pursuant to contractual arrangements. Your right to access this website is subject to the general terms and conditions set forth below. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q2 2020 Zillow Home Price Expectations Survey - Supplemental Questions Most of this year's lost springtime volume will Answer choice: # Percent % w/opinion Materialize later in 2020 10 9% 10% Get pushed into next year, and "double-up" springtime home buying demand in 202121 20% 22% Be spread-out over several years 53 50% 55% Be forever lost 11 10% 11% None of the above 2 2% 2% THE U.S. HOUSING CONFIDENCE INDEX™ The U.S. Housing Confidence Survey and Index Overview Page | 5 National and Metropolitan Area Samples In addition to a nation-wide study, HCS research is HOME | PULSENOMICSWEB VIEW 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025. 2/19/2021 18:19:02 2.9000000000000001e-2 3.1e-2 3.4000000000000002e-2 0.03 3.2000000000000001e-2 2.9000000000000137e-2

PULSENOMICS

The latest edition of The Zillow Home Price Expectations Survey, conducted by Pulsenomics, was released this morning. In addition to their home price outlook, our expert panel members also weighed-in with their expectations for: Home-buying demand through next year The factors expected to impact near-term home-buying demand The durability of our record-long U.S. economic expansion HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS ABOUT US. Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at large. We develop authoritative household

surveys

SURVEYS | PULSENOMICS National, Regional, and MSA-specific Coverage. HCS is administered to more than 15,000 U.S. households across the United States. Pulsenomics compiles and analyzes survey responses in completed questionnaires collected from representative samples of 3,000 households nationwide, plus 500 households from each of 25 of the largest metropolitan areas. INDEXES | PULSENOMICS 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

DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more.

PRESS RELEASES

April 14, 2021. Survey Predicts Austin will be the Nation's Hottest Housing Market in 2021, Leading a Sunbelt Surge. January 19, 2021. Strong Home Prices Expected to Continue Through 2021, but Economic Uncertainty is Clouding Long-Term Outlook. September 24, 2020. 2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS ABOUT US. Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at large. We develop authoritative household

surveys

SURVEYS | PULSENOMICS National, Regional, and MSA-specific Coverage. HCS is administered to more than 15,000 U.S. households across the United States. Pulsenomics compiles and analyzes survey responses in completed questionnaires collected from representative samples of 3,000 households nationwide, plus 500 households from each of 25 of the largest metropolitan areas. INDEXES | PULSENOMICS 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

DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more.

PRESS RELEASES

April 14, 2021. Survey Predicts Austin will be the Nation's Hottest Housing Market in 2021, Leading a Sunbelt Surge. January 19, 2021. Strong Home Prices Expected to Continue Through 2021, but Economic Uncertainty is Clouding Long-Term Outlook. September 24, 2020. 2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

BLOG | PULSENOMICS

Experts Predict U.S. Recession in 2020–and that Fed Policy will be the Trigger. By Pulsenomics | May 23, 2018. One-half of the experts surveyed by Pulsenomics in its most recent panel survey expect the next U.S. recession to begin Read More →. EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households.

NEWS ARCHIVE

February 12, 2014. Experts Predict Annual Pace of Home Value Appreciation to Slow in 2014 and Beyond. November 7, 2013. U.S. Home Value Appreciation Expected to Top 6 Percent in 2013. August 8, 2013. Bubble Fears Emerge As Experts Predict Value Appreciation Will Remain Above 5 Percent This Year. May 7, 2013. RENTER CONFIDENCE DASHBOARD AND INFOGRAPHICS Renter Confidence Dashboard. Sources: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households, and indices derived therefrom (The Housing Confidence Index™and The Transaction Sentiment Index™).

TERMS OF USE

TERMS OF USE. This www.pulsenomics.com web site (“Site”) is owned and operated by Pulsenomics LLC (“Pulsenomics”, “we”, “our” or “us”) in conjunction with others pursuant to contractual arrangements. Your right to access this website is subject to the general terms and conditions set forth below. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q2 2020 Zillow Home Price Expectations Survey - Supplemental Questions Most of this year's lost springtime volume will Answer choice: # Percent % w/opinion Materialize later in 2020 10 9% 10% Get pushed into next year, and "double-up" springtime home buying demand in 202121 20% 22% Be spread-out over several years 53 50% 55% Be forever lost 11 10% 11% None of the above 2 2% 2% HOME | PULSENOMICSWEB VIEW 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025. 2/19/2021 18:19:02 2.9000000000000001e-2 3.1e-2 3.4000000000000002e-2 0.03 3.2000000000000001e-2 2.9000000000000137e-2 THE U.S. HOUSING CONFIDENCE INDEX™ The U.S. Housing Confidence Survey and Index Overview Page | 5 National and Metropolitan Area Samples In addition to a nation-wide study, HCS research is

PULSENOMICS

The latest edition of The Zillow Home Price Expectations Survey, conducted by Pulsenomics, was released this morning. In addition to their home price outlook, our expert panel members also weighed-in with their expectations for: Home-buying demand through next year The factors expected to impact near-term home-buying demand The durability of our record-long U.S. economic expansion HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS ABOUT US. Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at large. We develop authoritative household

surveys

SURVEYS | PULSENOMICS National, Regional, and MSA-specific Coverage. HCS is administered to more than 15,000 U.S. households across the United States. Pulsenomics compiles and analyzes survey responses in completed questionnaires collected from representative samples of 3,000 households nationwide, plus 500 households from each of 25 of the largest metropolitan areas. INDEXES | PULSENOMICS 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

DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more. 2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. RENTER CONFIDENCE DASHBOARD AND INFOGRAPHICS Renter Confidence Dashboard. Sources: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households, and indices derived therefrom (The Housing Confidence Index™and The Transaction Sentiment Index™).

TERMS OF USE

TERMS OF USE. This www.pulsenomics.com web site (“Site”) is owned and operated by Pulsenomics LLC (“Pulsenomics”, “we”, “our” or “us”) in conjunction with others pursuant to contractual arrangements. Your right to access this website is subject to the general terms and conditions set forth below. HOME | PULSENOMICSDASHBOARDSBLOGABOUT USNEWS Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at

large.

ABOUT US | PULSENOMICS ABOUT US. Pulsenomics® is an independent research and index product development firm that leverages its expertise in data analytics, opinion research, financial markets, and economics to deliver unique insight and market intelligence to our institutional clients, partners, and the public at large. We develop authoritative household

surveys

SURVEYS | PULSENOMICS National, Regional, and MSA-specific Coverage. HCS is administered to more than 15,000 U.S. households across the United States. Pulsenomics compiles and analyzes survey responses in completed questionnaires collected from representative samples of 3,000 households nationwide, plus 500 households from each of 25 of the largest metropolitan areas. INDEXES | PULSENOMICS 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

DASHBOARDS | PULSENOMICS Dashboards and infographics that display index levels and trends in homeowner and renter confidence, transaction sentiment, home value expectations, and more. 2020 CRYSTAL BALL AWARD-WINNERS Every quarter, more than 100 members of an expert panel managed by Pulsenomics participate in the Zillow Home Price Expectations Survey to predict the 5-year future path of U.S. home prices and weigh-in on topical concerns pertinent to residential real estate and mortgage markets. In every year since the survey’s 2010 inception, Pulsenomics has recognized the most accurate EXPERT HOUSING PANEL -- RESOURCES EXPERT HOUSING PANEL Resources Home Price Expectations Survey ZHVI (thru April 2021) Q1 2021 Expectations Index Press Release (4/23/21)

Zillow Research

HOME VALUE EXPECTATIONS DASHBOARD Home Value Expectations Dashboard. Source: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households. RENTER CONFIDENCE DASHBOARD AND INFOGRAPHICS Renter Confidence Dashboard. Sources: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households, and indices derived therefrom (The Housing Confidence Index™and The Transaction Sentiment Index™).

TERMS OF USE

TERMS OF USE. This www.pulsenomics.com web site (“Site”) is owned and operated by Pulsenomics LLC (“Pulsenomics”, “we”, “our” or “us”) in conjunction with others pursuant to contractual arrangements. Your right to access this website is subject to the general terms and conditions set forth below.

PRESS RELEASES

April 14, 2021. Survey Predicts Austin will be the Nation's Hottest Housing Market in 2021, Leading a Sunbelt Surge. January 19, 2021. Strong Home Prices Expected to Continue Through 2021, but Economic Uncertainty is Clouding Long-Term Outlook. September 24, 2020.

BLOG | PULSENOMICS

Experts Predict U.S. Recession in 2020–and that Fed Policy will be the Trigger. By Pulsenomics | May 23, 2018. One-half of the experts surveyed by Pulsenomics in its most recent panel survey expect the next U.S. recession to begin Read More →.

ASI | PULSENOMICS

Full-length video (15 mins) Abridged video (5 mins) TRANSACTION SENTIMENT INDEX ANALYZER Sources: The Transaction Sentiment Index™ and The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000

households.

HOMEOWNER CONFIDENCE DASHBOARD AND INFOGRAPHICS Homeowner Confidence Dashboard. Sources: The U.S. Housing Confidence Survey™, a biannual survey of more than 15,000 households, and indices derived therefrom (The Housing Confidence Index™ and The Transaction Sentiment Index™).

NEWS ARCHIVE

February 12, 2014. Experts Predict Annual Pace of Home Value Appreciation to Slow in 2014 and Beyond. November 7, 2013. U.S. Home Value Appreciation Expected to Top 6 Percent in 2013. August 8, 2013. Bubble Fears Emerge As Experts Predict Value Appreciation Will Remain Above 5 Percent This Year. May 7, 2013. HOUSING ATTITUDES EXPLORER Analyze and compare response data from the U.S. Housing Confidence Survey by metro market, tenure category, and generation. TOPIC: RISK ASSESSMENT OF HOME PRICE FORECAST Q1 2021 Zillow Home Price Expectations Survey - Supplemental Questions The overall level of U.S. housing inventory has fallen consistently over the past year, hitting record lows even as the number of closed home sales grows, and recent research suggests that sales volume can

continue to grow

THE U.S. HOUSING CONFIDENCE INDEX™ The U.S. Housing Confidence Survey and Index Overview Page | 5 National and Metropolitan Area Samples In addition to a nation-wide study, HCS research is THE HOMEOWNER CONFIDENCE INDEX Page 1 of 2 Index Index Index Index Metro Area Level Q1 19 Q1 18 Metro Area Level Q1 19 Q1 18 Metro Area Level Q1 19 Q1 18 Metro Area Level

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