Indianapolis, Ind., and Columbus, Ohio, have entered their historic benchmark levels of housing activity, according to Freddie Mac’s recent Multi-Indicator Market Index® (MiMi®).
The national MiMi value stands at 85.1, largely unchanged from last month, indicating a housing market that’s on the outer range of its historic benchmark level of housing activity with a +0.14 percent improvement from June to July and a three-month improvement of +1.24 percent. On a year-over-year basis, the national MiMi value improved +4.70 percent. Since its all-time low in October 2010, the national MiMi has rebounded 43 percent, but remains significantly off its high of 121.7.
“Nationally, MiMi in July was largely unchanged for the third consecutive month at 85.1, yet marking a 4.7 percent year-over-year increase,” says Freddie Mac Deputy Chief Economist Len Kiefer. “Despite rising house prices, the majority of housing markets have sustained their momentum due in large part to low mortgage rates. For example, purchase applications, as measured by MiMi, were up more than 17 percent year-over-year in July and remaining at their highest level since December 2007.”
Thirty-eight of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with Utah (97.5), Hawaii (96.6), Montana (96.5), Colorado (96) and Oregon (95.8) ranking in the top five with scores closest to their historical benchmark index levels of 100.
Seventy-nine of the 100 metro areas have MiMi values within range, with Los Angeles, Calif. (99.5), Salt Lake City, Utah (100.6), Provo, Utah (98.9), Honolulu, HI (98.7) and Nashville, Tenn. (101.6) ranking in the top five with scores closest to their historical benchmark index levels of 100.
The most improving states month-over-month were Illinois (+1.72 percent), Nevada (+1.36 percent), Florida (+1.20 percent), Alabama (+1.14 percent) and South Carolina (+1 percent). On a year-over-year basis, the most improving states were Florida (+10.03 percent), Oregon (+9.49 percent), Colorado (+9.09 percent), New Jersey (+8.64 percent) and Tennessee (+8.54 percent).
The most improving metro areas month-over-month were Lakeland, Fla. (+2.13 percent), Youngstown, Ohio (+1.92 percent), Chicago, Ill. (+1.73 percent), Orlando, Fla. (+1.63 percent) and Las Vegas, Nev. (+1.61 percent). On a year-over-year basis, the most improving metro areas were Orlando, Fla. (+16.20 percent), Tampa, Fla. (+13.03 percent), Lakeland, Fla. (+13.02 percent), Chattanooga, Tenn. (+12.89 percent) and Palm Bay, Fla. (+12.47).
In July, 32 of the 50 states and 75 of the top 100 metros were showing an improving three-month trend. The same time last year, all 50 states and the top 100 metro areas were showing an improving three-month trend.
For more information, visit www.FreddieMac.com/mimi.