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More Than Interest Rates Impacts Home Sales

A gradual rise in mortgage rates won’t change homebuyers’ decision to buy a home; there are many other factors that go into that decision, says First American Financial Corp.’s Mark Fleming.

Mark Fleming Fleming: “The housing market is still underperforming its potential.”

SANTA ANA, CA—A gradual rise in mortgage rates won’t change homebuyers’ decision to buy a home; there are many other factors that go into that decision, says First American Financial Corp.’s chief economist Mark Fleming.

In a recent report from the firm, Fleming says, “In January, the market potential for existing-home sales increased to a 6.1-million seasonally adjusted annualized rate, a 0.4% month-over-month increase and a gain of 210,000 SAAR sales from January 2017. The gap between actual market performance (existing home sales) and market potential (potential home sales) has significantly narrowed as actual existing-home sales have surged in recent months; nonetheless, the housing market is still underperforming its potential.”

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Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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