RSS From Economist Mark Flemming

  • Affordability Declined for Third Month in a Row July 27, 2021
    Housing affordability declined on a year-over-year basis for the third month in a row in May, following a two-year streak of rising affordability. The decline in May occurred even as two of the three key drivers of the Real House Price Index (RHPI), household income and mortgage rates, swung in favor of greater affordability relative […]
    Mark Fleming
  • REconomy Podcast: What’s Driving the Shift in the Housing Market Today, Supply or Demand? July 23, 2021
    In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi examine the supply and demand dynamic in the housing market to explain why home sales are declining.
  • Housing Supply Limiting Market Potential July 16, 2021
    Housing market potential strengthened modestly in June, increasing 0.2 percent compared with May, according to our Potential Home Sales Model. Potential home sales are nearly 17 percent higher than the pandemic-driven decline last June.
    Mark Fleming
  • REconomy Podcast: What Will the End of the Foreclosure Moratorium Mean for the Housing Market? July 8, 2021
    In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain why the end of the foreclosure moratorium later this month is unlikely to trigger a tsunami of foreclosures.
  • Pandemic Accelerated 'Roaring 20s' of Millennial Homeownership Demand June 29, 2021
    National Homeownership Month takes on a new meaning this year, as the pandemic has redefined the role of a home. A home is not just a dwelling or even just a vehicle for wealth creation, but also an office, a classroom, a daycare and even a gym. A home, now more than ever, has become […]
    Odeta Kushi
  • Is it a Good Time to Buy a Home? June 28, 2021
    In today’s housing market, the power is very clearly in the hands of the seller. In April, First American Data & Analytics’ nominal house price index increased 16.2 percent year over year, the fastest pace since 2005. Rapid appreciation is driving declines in affordability, despite rising incomes and lower mortgage rates. Nationally, according to our […]
    Mark Fleming
  • REconomy Podcast: Will Rising Mortgage Rates Slow the Housing Market? June 24, 2021
    In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain the economic concept of demand elasticity and why housing market demand tends to be inelastic in response to rising mortgage rates.
  • Why Homebodies Versus Pandemic-Fueled Demand Will Determine the Outlook for Housing Market Potential June 22, 2021
    Housing market potential strengthened again last month, according to our Potential Home Sales Model, despite significant supply headwinds. In May, housing market potential increased 0.8 percent compared with April, and is now nearly 23 percent higher than the pandemic-driven decline last May. Relative to two years ago, housing market potential is nearly 18 percent higher.
    Mark Fleming
  • REconomy Podcast: What Does the Rush to Suburbia Mean for Real Estate? June 10, 2021
    In this episode of the REconomy podcast from First American, Chief Economist Mark Fleming and Deputy Chief Economist Odeta Kushi explain the dynamics influencing the second coming of suburbia and the implications for the broader real estate economy.
  • Housing Inflation is Not What You Think It Is June 9, 2021
    One of the most closely watched indicators of inflation, the Consumer Price Index (CPI), jumped 4.2 percent year over year this April. This is a faster pace than most economists anticipated, and was a result of base effects, combined with the numerous supply chain bottlenecks driving up prices as the economy reopens. One of the […]
    Mark Fleming