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Mark Fleming Fleming: “Further price increases and the growth in equity may eventually overcome the fear of listing for lack of something to buy or the rate lock-in effect.”

IRVINE, CA— Owners who are reticent to sell, combined with strong Millennial demand and a shortage of new construction, are contributing to home prices climbing this year, First American Financial Corp.’s chief economist Mark Fleming tells GlobeSt.com. In a recent report from the firm, Fleming said, “Rising real house prices are a nationwide phenomenon, as real house prices increased in all 50 states and in every market we track. Many markets even experienced double-digit real house price increases in March, compared with a year ago.” Fleming also indicated that the supply in most markets was insufficient for this spring’s strong demand.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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