First American: Stock market volatility aids potential homebuyers

In December, potential existing-home sales moderately increased from the previous month and inched forward from 2018 levels, according to First American’s Potential Home Sales Model. “In December, the market potential for existing-home sales in December increased 1.1% to a seasonally adjusted annualized rate of 6.15 million compared with a year ago, but the housing market still underperformed its potential by 9.6%,” First American Chief Economist Mark Fleming said. Notably, the report highlights that the gap between actual existing-home sales and the market potential for home sales narrowed by 2.1% from the previous month.