March 2026 MBS Highway Housing Index

By Scott Bradley Brixen

March 10, 2026

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. 

 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.

Buyer activity increased in six of seven regions, led by the Northwest (+12 to 57), Southwest (+10 to 55) and Midatlantic (+10 to 54). The Northeast was the lone holdout, slipping 2 points to 48. Five regions — Midatlantic, 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. 

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%
Midatlantic: 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%

MBS Highway’s monthly Housing Index provides an accurate and real-time read on buyer activity and home price direction both nationally and regionally in the U.S. housing market. This survey of 30,000 mortgage and real estate professionals fills a crucial industry need for insights that reflect buyers’ immediate experiences, helping mortgage loan originators to better serve homebuyers.
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The MBS Highway Housing Survey is comprised of two separate component indices: buyer activity and home price direction. Each month, respondents rank buyer activity as “active,” “steady,” or “slower,” and home price direction as “price increases,” “steady,” or “price reductions.” A national and regional index is calculated for each component index by applying the formula “[active + (steady/2)]” for buyer activity, and “[price increases + (steady/2)]” for home price direction. The score for each component index is then used to calculate the MBS Highway Housing Index by applying the formula “[(national buyer activity/2) + (national home price direction/2)].”
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Any number over 50 indicates expansion while a number below 50 indicates contraction. The MBS Highway Housing Index can range between 0 and 100.
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Dan Habib, MBS Highway’s Chief Revenue Officer, explained, “There are a few reliable housing reports available in the market, most of which are delayed by two months. Because MBS Highway has a large base of mortgage and real estate clients, we felt we were in a unique position to capture real-time housing data from our subscribers, who are on the front lines of the housing market.”