Housing Stability Nationwide Improves for Third Consecutive Month
Freddie Mac has released its newly updated Multi-Indicator Market Index (MiMi) showing the U.S. housing market continuing to stabilize at the national level for the third consecutive month. Thirty-four of the 50 states, plus the District of Columbia, and 37 of the 50 metros, are now showing an improving three month trend.
The national MiMi value currently stands at 74.7, indicating a weak housing market overall but showing a slight improvement (+0.35 percent) from October to November and a positive 3-month trend of (+1.07 percent). On a year-over-year basis, the U.S. housing market has improved (+3.94 percent). The nation's all-time MiMi high of 122.5 was June 2006; its low was 60.3 in September 2011, when the housing market was at its weakest. Since that time, the housing market has made a 23.9 percent rebound.
Fifteen of the 50 states, plus the District of Columbia, have MiMi values in a stable range, with North Dakota (95.8) the District of Columbia (94.3), Montana (91.4), Wyoming (91.2), and Hawaii (89.1) ranking in the top five.
"Housing markets are stabilizing. Low mortgage rates help to keep affordability in-check across many markets. Labor markets are strengthening, but generally have room for improvement," said Freddie Mac Deputy Chief Economist Len Kiefer. "We're keeping an eye on markets with deep ties to energy. We've noticed some deterioration on a month-over-month basis in some of these energy markets, especially smaller markets with less diversified economies. Overall MiMi has improved for the third consecutive month showing housing markets are getting back on track."
Eight of the 50 metro areas have MiMi values in a stable range, with San Antonio (89.5), Austin (87.0), Houston (85.3), Los Angeles (84.1) and Salt Lake City (83.6), ranking in the top five.
The most improving states month-over-month were Georgia (+1.32 percent), North Carolina (+1.28 percent), Michigan (+1.27 percent), Maryland (+1.14 percent) and Delaware (+1.12 percent). On a year-over-year basis, the most improving states were Nevada (+17.45 percent), Illinois (+10.15 percent), Rhode Island (9.65 percent) Colorado (+8.63 percent) and Ohio (+8.45 percent).
The most improving metro areas month-over-month were Atlanta (+1.64 percent), Detroit (+1.40 percent), Charlotte (+1.35 percent), Birmingham (+1.32 percent) and Cleveland (1.20 percent). On a year-over-year basis the most improving metro areas were Las Vegas (+20.14 percent), Chicago (+12.37 percent), Denver (+10.68 percent), Miami, (+10.57 percent), and Providence (+9.45 percent).
In November, 34 of the 50 states and 37 of the 50 metros were showing an improving three month trend. The same time last year, 34 states plus the District of Columbia, and 41 of the top 50 metro areas were showing an improving three-month trend.
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