The U.S. housing market continued to slowly stabilize with three additional metro areas entering their outer range of stable housing activity: Charleston, South Carolina; Sarasota, Florida; and Washington, DC. This news is according to Freddie Mac’s recently released Multi-Indicator Market Index® (MiMi®).
“When we observe MiMi’s annual improvement, it’s clear housing markets continue to recover with some markets firing on all cylinders, others inching along, and the vast majority still working to get back to their long-term benchmark normal range,” says Freddie Mac Deputy Chief Economist Len Kiefer. “Regardless, nearly twice as many states and metro areas have entered their stable range of housing activity compared to a year ago. Western markets show little signs of slowing down with their local employment pictures continuing to improve and with applications to purchase a home still showing double-digit growth on an annual basis. In many Southern metro areas home sales are improving, which is good news, but their levels still remain depressed.”
The national MiMi value stands at 81.3, indicating a housing market that is on its outer range of stable housing activity, while showing an improvement of +0.67 percent from August to September and a three-month improvement of +1.85 percent. On a year-over-year basis, the national MiMi value has improved +5.79 percent. Since its all-time low in October 2010, the national MiMi has rebounded 37 percent, but remains significantly off from its high of 121.7.
Thirty of the 50 states plus the District of Columbia have MiMi values in a stable range, with the District of Columbia (100), North Dakota (95.3), Montana (94.9), Hawaii (93.5) and Alaska (91.5) ranking in the top five. Compared to the same time last year, 19 states and the District of Columbia had MiMi values in a stable range.
Fifty of the 100 metro areas have MiMi values in a stable range, with Fresno, Calif. (100.2), Austin, Texas (97.4), Honolulu, Hawaii (95.6), Salt Lake City, Utah(94.5) and Los Angeles, Calif. (94.3) ranking in the top five. Compared to the same time last year, 30 of the top 100 metros had MiMi values in a stable range.
The most improving states month-over-month were Florida (+1.58 percent), Colorado (+1.49 percent), South Carolina (+1.45 percent), Utah (+1.22 percent), and Mississippi (+1.21 percent). On a year-over-year basis, the most improving states were Florida (+13.34 percent), Oregon (+11.52 percent), Colorado (+11.31 percent), Washington (+10.49 percent) and Nevada (+10.14 percent).
The most improving metro areas month-over-month were Denver, CO (+1.85 percent). Colorado Springs, Colo. (+1.76 percent), Kansas City, MO (+1.75 percent), Stockton, Calif. (+1.53) and Sarasota, Fla. (+1.51 percent). On a year-over-year basis, the most improving metro areas were Orlando, Fla. (+17.46 percent), Cape Coral, Fla. (+16.78 percent), Tampa, Fla. (+15.93 percent), Sarasota, Fla. (+14.63 percent) and Denver, Colo. (+14.60).
In September, 46 of the 50 states and 92 of the top 100 metros were showing an improving three- month trend. The same time last year, 37 of the 50 states, and 82 of the top 100 metro areas were showing an improving three-month trend.
For more information, www.FreddieMac.com/mimi.