Taking its Multi-Indicator Market Index (MiMi) stethoscope to the U.S. housing market, government-sponsored enterprise Freddie Mac gave more than half of the states a clean bill of health this week.

Takeaways:

  • Freddie Mac gave more than half the states a clean bill of health this week.
  • Twenty-eight of the 50 states, plus Washington, D.C., have Multi-Indicator Market Index (MiMi) values in a stable range, Freddie Mac said.
  • Cities showing the most improvement are Stockton, California, and several Florida cities: Cape Coral, Sarasota, Lakeland and Tampa.

Taking its Multi-Indicator Market Index (MiMi) stethoscope to the U.S. housing market, government-sponsored enterprise Freddie Mac gave more than half of the states a clean bill of health this week.

MiMi monitors and measures the stability of the housing market on a national, state and metropolitan-area basis, combining Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios, proportion of on-time mortgage payments in each market and the local employment picture.

Twenty-eight of the 50 states, plus Washington, D.C., have MiMi values in a stable range, Freddie Mac said.

Ranking in the top five are Washington, D.C., North Dakota, Montana, Hawaii, and California and Utah, the latter of which are tied.

Making Freddie Mac’s list of the most improved states are New Jersey, Florida, Washington, D.C., Connecticut, Nevada and Rhode Island.

In addition, 42 of the top 100 metropolitan areas have MiMi values in a stable range, Freddie Mac said. Ranking on that top-five list are: Fresno, California; Austin, Texas; Honolulu; Salt Lake City; and Los Angeles.

Cities showing the most improvement are Stockton, California, and several Florida cities: Cape Coral, Sarasota, Lakeland and Tampa.

 

“Housing markets are the strongest they’ve been in years with the national MiMi above 80 for the first time since 2008,” said Freddie Mac Deputy Chief Economist Len Kiefer.

“Nationally, all MiMi indicators are heading in the right direction. Robust homebuyer demand has put total home sales on pace for the best year since 2007. Look for that trend to continue as the MiMi purchase applications indicator remains on the upswing. The West has been especially strong, with many markets posting double-digit growth in their MiMi purchase applications indicator compared to a year ago.”

Kiefer attributed the stability to low home prices, current low interest rates and declining mortgage delinquencies, all thanks to solid job growth, with 96 out of 100 metros and all states within range of their benchmark historic average unemployment rate.”

Email Amy Swinderman.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription