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.

REconomy Podcast: What A Changing Labor Market Means For Housing

By FirstAm Editor on January 13, 2021

In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi discuss how long-term shifts in the U.S. labor market have been accelerated by the pandemic, and what that may mean for housing in the months and years ahead.

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Topics: Housing Affordability REconomy

Will The Super-Sellers' Market Continue To Impact Affordability In 2021?

By Mark Fleming on December 28, 2020

The housing market prior to the pandemic could have been characterized as a sellers’ market, with a shortage of supply relative to demand. With the current supply of homes for sale even tighter relative to demand, it can only be characterized as a super-sellers’ market today. The pandemic has intensified a sense of home as refuge and falling...

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Topics: Interest Rates Real House Price Index Affordability

Why The Big Short In Housing Supply Will Remain In 2021

By Mark Fleming on December 3, 2020

As the housing market has recovered from the initial impacts of the pandemic, nominal house price appreciation has soared, but affordability actually improved until recently due to the house-buying power benefit from historically low mortgage rates. However, for the second month in a row, the Real House Price Index (RHPI) increased, indicating...

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Topics: Interest Rates Real House Price Index Affordability

The Five Cities Where Affordability Declined The Most

By Mark Fleming on November 23, 2020

Affordability declined month over month in September for the second month in a row, even as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of increased affordability. The 30-year, fixed-rate mortgage fell by 0.05 percentage points and household income increased 0.2 percent...

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Topics: Interest Rates Real House Price Index Affordability

Interview With Yahoo! Finance: Explaining The Housing Market’s Resilience In The COVID-19 Era

By FirstAm Editor on November 9, 2020

First American Deputy Chief Economist Odeta Kushi was interviewed on Yahoo! Finance earlier this month, discussing why the housing market is better positioned in this recession than it was heading into the Great Recession, and how low rates and millennials are driving demand.

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Topics: Housing In The News Interest Rates Affordability

REconomy Podcast: Housing Affordability In The COVID Era

By FirstAm Editor on November 3, 2020

In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi break down housing affordability trends, discuss the economic forces that influence house-buying power and explain why housing is actually more affordable today, even amid the pandemic, than it was at the peak of the...

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Topics: Housing Affordability REconomy