Tag Archives: First American Real House Price Index (RHPI)

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.

“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.

First American reports that between September 2022 and October 2022, rose nearly 9% month-over-month, with the rapid annual decline in affordability driven by a 12% annual increase in nominal house prices.

According to First American’s Chief Economist, two major hurdles stand in the way of homebuyers and affordable homes. Click through to find out what those obstacles are.

A new blog post by Mark Fleming, the Chief Economist at First American Financial Corporation discusses the findings of the latest Real House Price Index (RHPI) covering June ...

Mark Fleming, Chief Economist at First American, explains why current conditions mean adjustable-rate mortgages “could be a game-changer for many first-time homebuyers."

Real house prices increased 45.6% between April 2021 and 2022, while consumer house-buying power, decreased 8.75% between March 2022 and April 2022.

The average U.S. home gained $1,800 in value between November and December 2021.

Lack of sufficient inventory combined with inflation and the threat of rising interest rates continue to put pressure on the market.

Declining affordability will cause some buyers to pull out of the market, but the current supply and demand war the market is currently experiencing will continue to put upward pressure on prices.