Tag Archives: Mark Fleming

The nation’s housing outlook depends largely on the economy and inflation, analysts say, as the industry closes the book on 2023 and approaches the new year.

The gap between cost to own and cost to rent narrowed in the third quarter when also factoring in taxes, maintenance, utilities etc. Click through to find out why, in light of sky-high rents, it is still cheaper to rent than to buy in most markets.

On a yearly and monthly basis, home prices increased at a steady pace with only two of the top-30 metropolitan areas reporting declines. Click through to find out what else Septembers’ Home Price Index reveals.

According to the First American Real House Price Index, housing affordability dropped to its lowest point in more than three decades, with home prices jumping 2% from June.

In a new blog post, First American Chief Economist Mark Fleming explains that " “mortgage rate stability, even if the stabilization occurs at a higher level, is the key to a housing recovery.”

As the average 30-year fixed mortgage rate nears 8%, new commentary from First American Chief Economist Mark Fleming details the predictions of where mortgage rates will end up throughout the remainder of the year.

“The steep decline in sales driven by the rapid rise in mortgage rates seems to be behind us, as the initial shock of higher mortgage rates has worn off,” said Mark Fleming, the Chief Economist for First American Financial Corporation.

Boom-bust markets include Phoenix and Austin, Texas. House prices increased 65% from February 2020 to the peak in May of 2022 for both markets, but have since declined by 9.5%

According to First American’s Potential Home Sales Model, the nationwide sales pace will begin to settle into a new normal, as potential existing-home sales decreased in June, suggesting they may have hit bottom.

“Affordability declined month-over-month in all of the 50 markets we track, but some markets saw a much sharper decline than others,” said First American Chief Economist Mark Fleming.