RSS From Economist Mark Flemming

  • Rising Rates Unlikely to Substantially Cool Hot Spring Home-Buying Season April 16, 2021
    After hitting its highest point since 2007 last month, housing market potential fell modestly in March, according to our Potential Home Sales Model. Housing market potential remains near the 13-year high point, but the severely limited supply of homes for sale and an uptick in mortgage rates pulled market potential for existing-home sales off its […]
    Mark Fleming
  • REconomy Podcast: What Drives the Decision to Become a Homeowner? April 15, 2021
    In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain how the vast majority of potential home buyers reach the decision to buy a home and what that means for the housing market and homeownership rate moving forward.
  • Top Five Cities for Lower-Income Renters to Pursue the Dream of Homeownership April 14, 2021
    In the fourth quarter of 2020, the median renter experienced a 10 percent boost to their house-buying power relative to one year ago, but the share of homes they could afford to buy declined by 4 percentage points due to rising house prices, according to the First-Time Home Buyer Outlook Report. However, while we recently […]
    Odeta Kushi
  • Interview with CNBC: How Rising Rates May Impact Housing Affordability As Spring Home-Buying Season Ramps Up April 8, 2021
    First American Deputy Chief Economist Odeta Kushi was interviewed on CNBC yesterday, discussing the outlook for housing affordability amid rising mortgage rates and expectations for the spring home-buying season.
  • REconomy Podcast: Why Housing Affordability Should Be Viewed Through the Lens of Renters and Supply April 1, 2021
    In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the key to measuring housing affordability is to determine whether a renter can afford to purchase a home, or more precisely how many homes they can afford to buy, if any.
  • Why Affordability Improved Amid Soaring House Prices 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 to the First American Data & Analytics House Price Index. The acceleration in the pace of annual house […]
    Mark Fleming
  • Where Can Potential First-Time Home Buyers Find the Largest Supply of Affordable Homes? March 23, 2021
    In 2020, a combination of record low mortgage rates and millennials aging into homeownership boosted demand against a very limited supply of homes for sale, resulting in rapid house price appreciation. The nearly two-thirds of American households who already own homes saw their equity increase, while potential first-time home buyers, who are nearly always renters, […]
    Odeta Kushi
  • The Good, the Bad and the Maybe Ahead of Spring Home Buying March 19, 2021
    In February 2021, housing market potential increased to its highest level since 2007, despite the largest month-over-month jump in mortgage rates since October 2019. Housing market potential rose 1.3 percent in February relative to the previous month, and 12.2 percent year-over-year. While rising average tenure length was the largest drag on housing market potential this […]
    Mark Fleming
  • REconomy Podcast: Is the speed of sales sending mixed signals about housing inventory? March 18, 2021
    In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the housing market’s supply shortage ahead of the spring home-buying season and explain how the annual pace of home sales can be rising when there are so few homes for sale.
  • Will the Pandemic “She-cession” Derail Growth in Homeownership Among Single Women? March 11, 2021
    During Women’s History Month, it’s important to reflect on the progress that single women have made in achieving one of the main tenets of the American Dream - homeownership. According to our analysis of anonymized household-level survey data, following an overall decline in the homeownership rate among single women in the aftermath of the Great […]
    Odeta Kushi