Fleming: "Strong consumer demand combined with continued healthy wage growth" continues to support the housing market. Fleming: “Strong consumer demand combined with continued healthy wage growth” continues to support the housing market.

SANTA ANA, CA—Although the market for existing-home sales is still underperforming its potential, it has made considerable gains on both a year-over-year and post-recession basis, according to data First American Financial Corp. released Wednesday. Potential existing-home sales decreased in March to a 5.5-million seasonally adjusted, annualized rate, a decline of 1.5% compared to February but an increase of 83.3% over the market potential low point reached in December 2008.