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.

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

Why Housing Market Potential Keeps Rising

By Mark Fleming on November 22, 2021

In September 2021, existing-home sales increased to a 6.29 million seasonally adjusted annualized rate (SAAR). Prior to the pandemic, the housing market had not reached this sales pace since 2006. We may see another strong month in October, as housing ... Read More›

Interest Rates Potential Home Sales tenure

How Will The Housing Market Fare As Rates Rise?

By Mark Fleming on November 12, 2021

In the month of October, the average 30-year, fixed mortgage rate increased to its highest level since March of this year – 3.07 percent. For context, the historical average of the 30-year, fixed mortgage rate dating back... Read More›

Housing Interest Rates Affordability