A more affordable housing market will be welcome news for buyers currently sitting on the sidelines, according to Mark Fleming, chief economist, First American Financial Corporation (FAFC).

"Given the large loss of affordability buyers experienced this year, a possible improvement next year will be a welcome relief for potential buyers," Fleming said in prepared remarks.

Trending data that measures housing affordability has had a rough go on consumers this year, according to FAFC's Real House Price Index (RHPI). For October, the index reflected a 68% year-over-year spike due to higher interest rates.

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