First American Chief Economist Mark Fleming was interviewed on Yahoo! Finance and Deputy Chief Economist Odeta Kushi on Nightly Business Report earlier this week and discussed the existing-home sales data for April, the housing supply squeeze and the market forces helping affordability.
First American Chief Economist Mark Fleming on the housing supply squeeze:
“I worry more fundamentally about the existing home stock. We haven’t built enough housing over the last decade to increase the stock relative to household formation. So, housing is an ever-scarcer good, which is going to make house prices go up.”
Watch the May 21 Yahoo! Finance clip
Deputy Chief Economist Odeta Kushi on the market forces helping affordability:
“We’re seeing the market benefiting from affordability tailwinds from low mortgage rates and a strengthening labor market with no signs of slowing down. On top of that, you have slower house price appreciation, which is helping on the affordability side.”
Watch the May 22 Nightly Business Report clip