First American Chief Economist Mark Fleming was interviewed on HousingWire’s Daily Download podcast last week and explained why growth in housing market potential may be more sustainable than many people realize.

“I think it’s sustainable and may not grow as quickly as it has in recent months, which have sort of been a recovery phase from the spring. But, there are some long-run fundamental dynamics that are very positive for the growth of the housing market.

“The largest one namely being Millennial first-time homebuyer demand, there are just millions upon millions of households that are just getting to the point of their early 30s and wanting to buy homes.

So, we will benefit for a number of years to come from that demographic demand, and as Jerome Powell has strongly indicated, mortgage rates will probably remain at historically low levels. Those two dynamics alone should help to push forward the housing market for the next couple of years.”