March 2026 MBS Highway Housing Index

The MBS Highway National Housing Index rose 4 points in March 2026, climbing from 43 in February to 47. A year ago, the index stood at 45. The spring seasonal upswing continues to build, with the buyer activity sub-index crossing into expansion territory for the first time since May 2024.

National Data

In March, the MBS Highway National Housing Index rose 4 points to 47, two points above its level a year earlier. The typical spring seasonal acceleration in activity is well underway, with lower mortgage rates providing additional momentum. An index reading of 50 separates contraction (below 50) from expansion (above 50).

Buyer activity jumped 6 points MoM to 53, crossing above the 50 threshold and now 8 points above its year-ago level of 45. Nationwide, 33% of respondents described current buyer activity as active, up from 28% in February and 28% a year ago. Price direction edged up just 1 point MoM to 40, but was still 4 points below its March 2025 level of 44.

Overall, the March survey results point to accelerating demand that has not yet translated into stronger price growth. That said, the overall index now sits just 3 points from expansion territory. If the current momentum holds, we should see the overall index cross into expansion territory for the first time since June 2024. However, the conflict in Iran could be a spoiler — if higher oil prices (inflation) and higher mortgage rates crimp demand.

Regional Data

Buyer activity increased in six of seven regions, led by the Northwest (+12 to 57), Southwest (+10 to 55) and Mid-Atlantic (+10 to 54). The Northeast was the lone holdout, slipping 2 points to 48. Five regions — Mid-Atlantic, Midwest, Northwest, Southwest, and West — now have buyer activity readings above 50, up from just two regions in February.

Price direction was more mixed, with three regions improving and four declining. The Midatlantic saw the largest rise (+5 to 63) and has the strongest price momentum overall. Both the Midwest (+2 to 50) and Northwest (+2 to 40) saw more modest increases. The Southeast (-1 to 28) and Southwest (-4 to 27) remain the weakest regions on price direction.

Question of the Month

With affordability and inventory improving in most markets, we asked our respondents for their updated views on the local balance between supply and demand. Q: Are you operating in a buyer’s, seller’s or balanced market?

Overall, 46% of respondents said that they were operating in a buyer’s market. Somewhat surprisingly, when we asked the same question back in August 2025, 55% gave the same answer — despite higher mortgage rates at the time.

As expected, the results were very different at the regional level, reflecting local inventory conditions. In the Northeast (where active inventory generally remains well below pre-pandemic levels), 71% said that they were in a seller’s market. In the Southwest (where active inventory is often above pre-pandemic levels), 74% said that they were in a buyer’s market.

QOTM Survey Responses (Buyer’s / Balanced / Seller’s)
National: 46% / 32% / 22%
Mid-Atlantic: 12% / 41% / 47%
Midwest: 28% / 34% / 38%
Northeast: 0% / 29% / 71%
Northwest: 49% / 40% / 11%
Southeast: 67% / 27% / 6%
Southwest: 74% / 16% / 10%
West: 37% / 47% / 16%