We’ve posted the first quarter 2016 First American Real Estate Sentiment Index, which measures title agent sentiment on a variety of key market metrics and industry issues. It’s based on a quarterly survey of independent title agents that do business with First American. More than 4,000 title agents from 50 states have participated in the first three editions of the quarterly survey. The first quarter survey was conducted in January 2016.

"The modest decline in title agent expectations for market production was caused by concerns over transaction volume as opposed to slowing price appreciation."

Expectations of market production, a potential leading indicator for real estate market direction, declined 1.8 percent from the last quarter of 2015. Market production combines title agent expectations for transaction volumes and price changes over the coming year into one metric. While the overall expectation for price growth increased to 4.6 percent across all property types, expectations for production volume declined for purchase and refinance transactions.

“The modest decline in title agent expectations for market production was caused by concerns over transaction volume as opposed to slowing price appreciation,” said Mark Fleming, chief economist at First American. “Rather, concerns about rising prices hampering affordability and access to credit are tempering title agent expectations for market growth.”  

For more information, including title agent sentiment on price and transaction volume growth by property type nationally and at the state level, please visit the Real Estate Sentiment Index.