US Housing Market Shows Strong Gains Per MiMi Values
Freddie Mac’s index shows strong year-over-year gains across the US
According to the latest Multi-Indicator Market Index (MiMi) report from Freddie Mac, the US housing market is on a steady upward swing, with gains almost everywhere in the country.
MiMi values are meant to show how a given housing market stands relative to its own stable range of housing activity. Is it becoming too weak to generate enough demand for a well-balanced market? Or is it in danger of becoming overheated to a dangerous level of activity? Changing MiMi values can indicate these kinds of trends with numbers based on analysis of proprietary Freddie Mac data and current data from local markets including home purchase applications, payment-to-income ratios, on-time mortgage payment rates, and local employment figures.
Currently, the national MiMi value is 82.5, which indicates a housing market that is on its outer range of stable activity. The fact that the national MiMi value has improved 2.09 percent in the past 3 months, 7.23 percent in the past 12 months, and 39 percent since its all-time low in October 2010 is very encouraging.
Top Stable States & Metros
For the first time in a while, the majority of US states and major metro areas have earned MiMi values that put them in their stable range.
This year, Washington DC is joined by 33 states in the stable group, compared to just 21 states this time last year. The top 5 most stable states are DC, North Dakota, Hawaii, Montana, and Utah.
Among the top 100 metro areas, 57 have stable MiMi values now, compared to just 28 one year ago. The top 5 most stable metro areas are Austin Texas, Fresno California, Honolulu Hawaii, Salt Lake City Utah, and Denver Colorado.
Most Improving States & Metros
As of the latest numbers 49 states and 95 of the top 100 major metro areas in the country were showing an improving three-month trend. This is a marked improvement over this time last year, when only 34 states and 69 metros could make this same boast. Another encouraging sign is that some of the states and metros hardest hit in the Great Recession are now among the areas showing the most improvement in their MiMi values.
The top 5 most improving states on a year-over-year basis were Florida (+15.72%), Oregon (+14.03%), Colorado (+13.54%), Washington (+12.73 %) and Nevada (+12.26%).
The top 5 most improving metro areas were Orlando Florida (+19.48%), Cape Coral Florida (+18.27%), Tampa Florida (+17.65%), Denver Colorado (+16.97%) and Portland Oregon (+16.54).
Is Your Company Ready to Improve Too?
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