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.

Why Housing Affordability Sank For The First Time In Over Two Years

By Mark Fleming on May 24, 2021

Housing affordability on a year-over-year basis declined in March for the first time since January 2019, ending a more than two-year streak of rising affordability. The long run of increasing affordability snapped, even ... Read More›

Interest Rates Real House Price Index Affordability

Will Rising Equity Levels Mean More Homeowners Will List Their Homes For Sale?

By Mark Fleming on April 27, 2021

The three components of the Real House Price Index (RHPI) are household income, mortgage rates and a nominal house price index. The RHPI adjusts nominal house prices according to changes in income and interest rates, whi... Read More›

Interest Rates Real House Price Index Affordability

Why Affordability Improved Amid Soaring House Prices

By Mark Fleming on March 31, 2021

Soaring nominal house prices dominate recent headlines and for good reason. It is true that nominal house prices are the highest they have ever been, over 22 percent higher than the housing boom peak in 2006, according t... Read More›

Interest Rates Real House Price Index Affordability

House Prices Are Hot, But Is Housing Overvalued?

By Mark Fleming on February 23, 2021

Punxsutawney Phil may have signaled six more weeks of winter, but in housing, it looks like spring (home buying) has already arrived. Typically, the housing market winds down a bit in the winter, but America’s housing ma... Read More›

Interest Rates Real House Price Index Affordability

Why The Housing Market Can Thrive If A New Rising-rate Era Begins

By Mark Fleming on January 26, 2021

Even though nominal house prices continued to surge, affordability improved in November as two of the three key drivers of the Real House Price Index (R... Read More›

Interest Rates Real House Price Index Affordability

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... Read More›

Interest Rates Real House Price Index Affordability