First American Chief Economist Mark Fleming was interviewed on CNBC and Deputy Chief Economist Odeta Kushi on Bloomberg TV earlier this week and discussed the impact of historically low rates on the housing market, and what the Fed minutes indicate about the direction of rate policy and the economy.

The housing market essentially reached its potential in July 2019, as actual existing-home sales were 0.05 percent above the market’s potential. Existing-home sales in 2019 are running at a pace similar to 2015, even though rates have fallen and household income has increased this year. Housing market potential benefitted from a 10.6 percent...

The housing market underperformed its potential in June 2019, as actual existing-home sales were 1.5 percent below the market’s potential. The market potential for existing-home sales increased 1.1 percent compared with May, according to our Potential Home Sales model.

The housing market outperformed its potential in May 2019. Actual existing-home sales are 0.2 percent above the market’s current potential, according to our Potential Home Sales model. Even as mortgage rates have decreased, and household income has increased, the market is underperforming compared to it’s potential from a year ago. What are the...

The housing market continued to underperform its potential in April 2019, but the performance gap shrank compared with March. Actual existing-home sales remain 1.3 percent below the market’s potential, but the performance gap narrowed from 2.0 percent last month, according to our Potential Home Sales model. That means the housing market has the...

While the housing market continued to underperform its potential in March 2019, the green shoots of spring home buying have emerged. Actual existing-home sales are 2.3 percent below the market’s potential, narrowing the gap from last month, according to our Potential Home Sales model. That means the housing market has the potential to support...