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.

Opposing Supply-demand Forces Hold Key To Housing Market Potential

By Mark Fleming on February 22, 2022

While still 4 percent higher than one year ago, the market potential for existing-home sales declined to its lowest level since June 2021, according to the first Potential Home Sales Model report of 2022. Demand for homes wil... Read More›

Interest Rates Potential Home Sales tenure

How Will Rising Mortgage Rates Impact Spring Home-buying?

By Mark Fleming on January 24, 2022

In November, year-over-year nominal house price appreciation reached 21.5 percent, the sixth consecutive month it has set a new record. According to our Read More›

Interest Rates Real House Price Index Affordability

Millennials Remain Driving Force In Housing Market Potential

By Mark Fleming on January 19, 2022

The final Potential Home Sales Model report of 2021 revealed that market potential ended the year on a strong note. While the winter months are traditionally real estate’s slow season, our measure of the market potential for ... Read More›

Interest Rates Potential Home Sales tenure

Affordability Falls To Its Lowest Level Since 2008

By Mark Fleming on December 27, 2021

Affordability sank to its lowest level since 2008 in October, as two of the three key drivers of the Real House Price Index (RHPI) swung in favor of reduce... Read More›

Interest Rates Real House Price Index Affordability

Will Rising Mortgage Rates Slow Sales?

By Mark Fleming on December 22, 2021

In November 2021, housing market potential decreased modestly month-over-month to a 6.26 million seasonally adjusted annualized rate (SAAR), according to our Potential Home Sales (PHS) model. Housing market potential in November increased 7.2 percent c... Read More›

Interest Rates Potential Home Sales tenure

Why House Prices Still Have Room To Run

By Mark Fleming on November 30, 2021

According to the Real House Price Index (RHPI), which measures housing affordability in the context of changes in consumer house-buying power,... Read More›

Interest Rates Real House Price Index Affordability