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.

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

How Will Rising Mortgage Rates Impact House-buying Power?

By Mark Fleming on October 26, 2021

In August, year-over-year nominal house price appreciation reached 20.7 percent, the third consecutive month it has set a new record. According to our Real Hou... Read More›

Interest Rates Real House Price Index Affordability

Do Rising House Prices Help Or Hurt The Housing Market?

By Mark Fleming on October 15, 2021

Housing market potential strengthened modestly in September, increasing a 0.4 percent compared with August, according to our Potential Home Sales Model. The slight increase means that on a year-over-year basis, housing market potential is now nearly 9 ... Read More›

Interest Rates Homeownership Potential Home Sales