First American Financial Corporation released their proprietary Potential Home Sales Model for the month of July 2022.
According to Business Wire, “The housing market is adjusting to a not-so-new normal. Slowing sales are a symptom of a housing market that’s coming off a two-year pandemic-influenced frenzy and settling into a pace that’s more in line with historical norms,” said Mark Fleming, chief economist at First American. “From the perspective of home buyers and sellers, there are financial concerns that may hold them back from the market, but there are still plenty of reasons to jump in. Millennials continue to age into their prime home-buying years, which will keep long-run demand steady.”