Economic Center Blog
Welcome to the First American Economic Center Blog, a top source for the latest housing market research and analysis driven by Chief Economist Mark Fleming.

Recent Posts by Mark Fleming

Mark Fleming is the chief economist for First American Financial Corporation and leads First American’s Decision Sciences team.

House Prices Declining Fastest in Overvalued Markets

By Mark Fleming on January 31, 2023

In November 2022, the Real House Price Index (RHPI) increased by 60 percent on an annual basis. This rapid annual decline in affordability was driven by two factors -- a 7.6 percent annual increase in nominal house prices and a... Read More›

Interest Rates Real House Price Index Affordability

Why Housing Market Potential Increased for the Second Straight Month

By Mark Fleming on January 20, 2023

Housing market potential closed 2022 on a two-month upswing, increasing by 3.0 percent relative to November. Despite the second consecutive month-over-month uptick, housing market potential remained down 17 percent compared with December of last year, ... Read More›

Interest Rates Potential Home Sales tenure

Why Housing Affordability May Rebound in 2023

By Mark Fleming on December 26, 2022

Affordability continued to suffer in October 2022, as the Real House Price Index (RHPI) jumped up by 68 percent on an annual basis. This rapid annual decline in affordability was driven by a 12 percent annual increase in nomina... Read More›

Interest Rates Real House Price Index Affordability

The Case for Optimism for Housing Market Potential in 2023

By Mark Fleming on December 20, 2022

Housing market potential in 2023 will remain largely dependent on the path of mortgage rates, which will be heavily influenced by inflation. In November 2022, housing market potential increased by 2.5 percent relative to October, boosted by a slight mo... Read More›

Interest Rates Potential Home Sales tenure

House Prices Decline, But Equity Buffers Remain Robust

By Mark Fleming on November 28, 2022

In September 2022, the Real House Price Index (RHPI) jumped up by 60.6 percent on an annual basis. This rapid annual decline in affordability was driven by two factors – a 13.5 percent annual increase in nominal house prices an... Read More›

Interest Rates Real House Price Index Affordability

Why the Housing Market May Begin to Stabilize in 2023

By Mark Fleming on November 18, 2022

In October 2022, housing market potential fell by nearly 4 percent relative to last month and dropped 21 percent compared with October of last year, a decline of 1,334,000 potential existing-home sales. The steep annual decline in market potential was ... Read More›

Interest Rates Potential Home Sales tenure