Fannie Mae said it expects the housing market "will continue to cool" in the months ahead as its Home Purchase Sentiment Index® (HPSI) fell for the eighth consecutive month in October.

By decreasing 4.1 points to 56.7, it's at its lowest reading since the inception of the index in 2011.

Five of the six index components decreased month over month, including those associated with home buying and selling conditions.

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