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First American: Mortgage rates champion growth in potential existing home sales

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First American: mortgage rates champion growth in potential existing home sales housingwire.com In April, potential existing-home sales increased 0.1% from the previous month, according to First American’s Potential Home Sales Model.

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For the month of August, First American updated its proprietary Potential Home Sales model to show that: Potential existing-home sales increased to a 6.13 million seasonally adjusted annualized rate (saar), a 0.8 percent month-over-month increase. This represents a 67.4 percent increase from the market potential low point reached in February 2011.

"Job growth is doing well, the stock market is near an all-time high and home values are consistently increasing. When you combine that with the incredibly low mortgage rates. first year to be.

Not many people in the reverse mortgage. of growth potential, and have always thought there’s a lot of potential in our industry. I’ve listened to a lot of speakers over the years, and remember.

The monthly gain was the largest on record for existing-home sales, which NAR has tracked since 1999. "The housing market has decisively turned for the better," said Lawrence Yun, NAR’s chief.

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"While actual existing-home sales are marginally outperforming market potential this month, declining mortgage rates could be the factor that bridges the gap." Next Release . The next Potential Home Sales Model will be released on October 21, 2019 with September 2019 data. About the Potential Home Sales Model

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The company’s Potential Home Sales model for July showed the market for existing home sales continues to underperform its potential by 1.3 percent or an estimated 92,000 seasonally adjusted, annualized rate of sales, an improvement over last month’s revised under-performance gap of 1.8 percent, or 104,000 sales. First American said in July, the.

Actual existing-home sales remain 1.3 percent below the market’s potential, but the performance gap narrowed from 2.0 percent last month, according to our Potential Home Sales model," said Mark Fleming, chief economist at First American.