Stabilization Continues for U.S. Housing Market


The U.S. housing market continues to slowly stabilize with one additional state, Rhode Island, and four additional metro areas entering their outer range of stable housing activity: Philadelphia and Harrisburg, Pennsylvania; Phoenix, Arizona; and Albany, New York.

This news comes from Freddie Mac's recently released Multi-Indicator Market Index® (MiMi®). The national MiMi value stands at 81, indicating a housing market that is on its outer range of stable housing activity, while showing an improvement of +0.93 percent from June to July and a three-month improvement of +2.99 percent. On a year-over-year basis, the national MiMi value has improved +6.17 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.

"Nationally, all MiMi indicators are heading in the right direction for the second consecutive month and improving more than 6 percent from the same time last year,” says Freddie Mac Deputy Chief Economist Len Kiefer. “Florida has some of the most improving housing markets in the country, largely a reflection of more borrowers becoming current on their mortgage payments as the local employment picture improves and house prices rebound. The one area of the country that has been slow to respond has been the Northeast. However, we've started to see these housing markets turn around, especially in Pennsylvania, Connecticut, New Hampshire, Vermont and Maine. While many of the locals markets in the Northeast are still weak, they're steadily trending in the right direction and their pace of improvement is accelerating. Overall, the West remains especially strong, with many markets posting double-digit growth in their MiMi purchase applications indicator compared to a year ago and helping to keep the country on pace for the best year of home sales since 2007."

Twenty-nine of the 50 states plus the District of Columbia have MiMi values in a stable range, with the District of Columbia (103), North Dakota (97), Montana (93.7), Hawaii (93.5), and California and Utah tied at (90) and ranking in the top five.

Forty-six of the 100 metro areas have MiMi values in a stable range, with Fresno (98.9), Austin (96.4), Honolulu (94.1), and Salt Lake City and Los Angeles tied at (92.9) and ranking in the top five.

The most improving states month-over-month were Florida (+2.00 percent), Colorado (+1.99 percent), New Jersey (+1.83 percent), Connecticut (+1.80 percent) and Nevada (+1.48 percent). On a year-over-year basis, the most improving states were Florida (+14.35 percent), Oregon (+13.45 percent), Nevada (12.18 percent), Colorado (+11.65 percent), and Washington (+10.18 percent).

The most improving metro areas month-over-month were Orlando, Fla. (+2.60 percent), Greenville, S.C. (+2.55 percent), Cape Coral, Fla. (+2.51 percent), Tampa, Fla. (+2.19 percent) and Jacksonville, Fla. (+2.12 percent). On a year-over-year basis, the most improving metro areas were Orlando, Fla. (+18.27 percent), Cape Coral, Fla. (+17.75 percent), Tampa, Fla. (+15.99 percent), Palm Bay, Fla. (+14.98 percent) and North Port, Fla. (+14.77 percent).

In July, 49 of the 50 states and all of the top 100 metros were showing an improving three month trend. The same time last year, 20 of the 50 states plus the District of Columbia, and 59 of the top 100 metro areas were showing an improving three-month trend.

For more information, visit FreddieMac.com/MIMI.

Reprinted with permission from RISMedia. ©2015. All rights reserved.

 

 

Janet & Graham Ford SRES MSA CSP e-Pro Broker & Associate
http://www.janetford.com
email: info@janetford.com
Janet Cell: (918) 798 4428
Graham Cell: (918) 798 6628
Fax: 918 398 5330 & 800 829 9408
Real Estate Consultant & Marketer of Fine Homes "Putting People First"