Freddie Mac released a report for October 2016 today showing that the majority of the top 100 housing markets across the U.S. continue to improve. 43 of the 50 states and 82 of the top 100 metros over the previous 3 months show improvement, with the state of Georgia reaching an outer historic benchmark range of housing activity for the first time.
MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. Currently, it is at 86.4, indicating a housing market that’s on the outer edge of its historic benchmark range of housing activity with a +0.42 percent improvement from September to October, and a three-month improvement of +1.86 percent.
On a year-over-year basis, the national MiMi value improved +5.88 percent. Since its all-time low in October 2010, the national MiMi has rebounded 46 percent, but remains significantly off its high of 121.7.
- Forty-one of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with Colorado (98.6), Utah (101.5), Hawaii (98), Idaho (97.2), and Oregon (96.8), 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 of their benchmark averages, with Dallas, TX (100.2); Nashville, TN (100.5); Honolulu, HI (100.8); Ogden, UT (100.8); and Los Angeles (99.1), ranking in the top five with scores closest to their historical benchmark index levels of 100.
- The most improving states month over month were Nevada (+1.96%), Connecticut (+1.45%), Arizona (+1.40%), South Carolina (+1.33%), and Washington (+1.31%). On a year-over-year basis, the most improving states were Nevada (+12.87%), Massachusetts (+12.77%), Florida (+11.65%), Mississippi (+11.53%) and Arizona (+10.28%).
- The most improving metro areas month over month were Springfield, MA (+1.96%); Tucson, AZ (+1.87%); Las Vegas, NV (+1.77%); Ogden, UT (+1.51%); and Worcester, MA (+1.48%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+17.45%); Worcester, MA (+16.02%); Chattanooga, TN (+14.78%); Dallas, TX (+14.51%); and Tampa, FL (+14.45%).
Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:
“The National MiMi stands at 86.4, a 5.88 percent year-over-year increase, but still below its historic benchmark normalized to 100. The purchase applications indicator is up nearly 20 percent from last year and is reflected in the recent better-than-expected existing and new home sales purchase data.
“MiMi does not yet capture the recent jump in mortgage rates since the election, which will drive down homebuyer affordability and likely dampen demand for home sales next year in some markets. While we see strong house price growth in markets like Dallas, Houston, Orlando, Phoenix and others, most are still well below their pre-2008 peak and still have significant room for improvement.”
The 2016 MiMi release calendar [PDF] is available online.
SOURCE: FREDDIE MAC