First American cites 2023 housing market optimism

Source: The Title Report — 

First American Financial Corp. released its Potential Home Sales Model for November 2022, measuring what the healthy market level of home sales should be based on economic, demographic, and housing market fundamentals.

Data pointed to potential existing-home sales increasing to a 5.24 million seasonally adjusted annualized rate (SAAR), a 2.5 percent month-over-month jump. This represents a 50.4 percent increase from the market potential low point reached in February 1993.

Market potential for existing-home sales decreased 18.2 percent compared with November 2021, a loss of 1,164,600 SAAR sales.