Americans’ confidence in housing fell slightly in February, reversing gains from the previous month, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI).

The index fell 3.7 points in February to 85.8, reversing last month’s increase of 3.7 points to 89.5. This decrease is due to a fall in five of the six HPSI components.

The share of Americans who say now is a good time to buy a home decreased five percentage points from January to 22%. The net share of those who reported that now is a good time to sell a home decreased two percentage points to 36%.

“Volatility in consumer housing sentiment continued into February, with the new tax law beginning to impact respondents’ take-home pay and the stock market creating negative headlines due to early-month turbulence,” said Doug Duncan, Fannie Mae senior vice president and chief economist.

Read more in Housing Wire.