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.

Where Is Housing Overvalued?

By Mark Fleming on September 27, 2022

Housing affordability continued its rapid annual decline in July 2022, as nominal house prices increased 16.7 percent year over year and the 30-year, fixed mortgage rate increased 2.5 percentage points compared with a year ago.... Read More›

Interest Rates Real House Price Index Affordability

Where Are House Prices Moderating The Most?

By Mark Fleming on August 29, 2022

In June 2022, the Real House Price Index (RHPI) jumped up by 53.3 percent on an annual basis, setting a new record for the fifth month in a row for the fastest year-over-year growth in the more than 30-year history of the serie... Read More›

Interest Rates Real House Price Index Affordability

Will Rising Mortgage Rates Trigger An 'arms' Race For Home Buyers?

By Mark Fleming on July 22, 2022

In May 2022, the Real House Price Index (RHPI) jumped up by 50.8 percent year over year, which is the fastest growth in the more than 30-year history of the series. This rapid annual decline in affordability was driven by a 20.... Read More›

Interest Rates Real House Price Index Affordability

Affordability Declines To Its Lowest Level Since 2007

By Mark Fleming on June 29, 2022

In April 2022, the Real House Price Index (RHPI) jumped up by 45.6 percent compared with a year ago, accelerating faster than any other point in the 30-year history of the series. This rapid annual decline in affordability was ... Read More›

Interest Rates Real House Price Index Affordability

The Housing Market Is Slowing By Design, But Don't Expect A Bust

By Mark Fleming on May 27, 2022

In March 2022, the Real House Price Index (RHPI) increased 32.5 percent year over year, which is the fastest growth in the more than 30-year history of the series. This rapid annual decline in affordability was driven by ... Read More›

Interest Rates Real House Price Index Affordability

How Do Rapidly Rising Mortgage Rates Impact Affordability?

By Mark Fleming on April 22, 2022

In February 2022, the Real House Price Index (RHPI) jumped up by nearly 31 percent. That’s the fastest growth in the more than 30-year history of the series. This rapid annual decline in affordability was driven by two fa... Read More›

Interest Rates Real House Price Index Affordability