Source: Business Wire —
SANTA ANA, Calif.–(BUSINESS WIRE)–First American Financial Corporation (NYSE: FAF), a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today released First American’s proprietary Potential Home Sales Model for the month of August 2022. The Potential Home Sales Model measures what the healthy market level of home sales should be based on economic, demographic, and housing market fundamentals.
Chief Economist Analysis: Market Potential for Existing-Home Sales Increased 2.1 percent in August
“August marked the first time in nearly a year that housing market potential increased on a monthly basis, increasing 2.1 percent compared with July to an estimated pace of 5.61 million at a seasonally adjusted annualized rate (SAAR),” said Mark Fleming, chief economist at First American. “The month-over-month increase was also the largest monthly increase in housing market potential since December 2020, yet housing market potential remains 12.9 percent lower than one year ago.”
