Freddie Mac released its Multi-Indicator Market Index® (MiMi®) today showing that the U.S. housing market is holding steady.
The national housing market stands at a value of 85 in the index, which is the outer range of its historic benchmark level of housing activity. The market improved +0.08% from May to June and a three-month improvement of +1.37%.
The national MiMi value improved +5.76% on a year over year basis, and has recovered 42% from the 2010 market low. However, it is still much lower than the previous high of 121.7.
The three metro areas that entered their historic benchmark levels of housing activity were South Carolina, Atlanta and Augusta, Georgia.
Here the most important news facts from the Freddie Mac report:
Thirty-eight of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with Utah (97), Hawaii (96.9), Oregon (96.9), Montana (96.8) and Colorado (96.3) ranking in the top five with scores closest to their historical benchmark index levels of 100.
Seventy-seven of the 100 metro areas have MiMi values within range, with Los Angeles, CA (99.8), Salt Lake City, UT (100.4), Honolulu, HI (98.9), Portland, OR (98.2) and Provo, UT (98.2), ranking in the top five with scores closest to their historical benchmark index levels of 100.
The most improving states month over month were North Carolina (+0.91%), District of Columbia (+0.86%), Louisiana (+0.78%), Georgia (+0.77%), and South Carolina (+0.76%). On a year-over-year basis, the most improving states were Oregon (+12.28%), Colorado (+11.59%), Florida (+11.02%), Tennessee (+10.37%) and New Jersey (+10.31%).
The most improving metro areas month over month were Charlotte, NC (+1.70%), Albany, NY (+1.53%), Syracuse, NY (+1.49%), Buffalo, NY (+1.43%) and Columbia, SC (+1.39%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+16.85%), Denver, CO (+14.02%), Tampa, FL (+13.98%), Chattanooga, TN (+13.78%) and Dallas, TX (+13.77).
In June, 42 of the 50 states and 84 of the top 100 metros were showing an improving three-month trend. The same time last year, 49 of the 50 states, and all of the top 100 metro areas, plus the District of Columbia were showing an improving three-month trend.
Freddie Mac’s Deputy Chief Economist Len Kiefer had said:
“Nationally, MiMi in June was largely unchanged at 85, marking a 5.76 percent year-over-year increase and the 50th consecutive month of year-over-year increases. Low mortgage rates and consistent job gains are helping to bolster homebuyer demand, which is reflected in the MiMi purchase applications indicator. Purchase applications, as measured by MiMi, rose 1.75 percent month over month in June to the highest level since December 2007.”