Freddie Mac released its latest Multi-Indicator Market Index (MiMi) based on June housing market activity. MiMi numerically details national, state and metro-level market activity to illustrate market stability and instability across the nation.
On a national level, MiMi falls in the healthy range of 85 in June. This is a .08 percent rise from May and a 1.37 percent jump over the previous three months. Annually, the national MiMi is up 5.76 percent.
The Freddie Mac MiMi is calculated using four key indicators: purchase applications, payment-to-income ratios, mortgage health and employment rates. Markets in-range are scored between 80 and 120, while numbers below 80 are considered weak. Scores above 120 are elevated.
In national highlights, South Carolina and the Georgia metros of Atlanta and Augusta reached historic activity levels in June.
At a MiMi score of 99.8, Los Angeles was ranked the no. 1 metro in June and healthiest in the nation. L.A.’s MiMi represents a 0.2 percent monthly rise and 6.85 percent annual rise. In the three months’ prior, L.A.’s MiMi improved 1.63 percent.
While purchase applications in L.A. scored low at 59.5, they moved up 1.88 percent since May. Current-on-mortgage score is a healthy 95, down 0.11 percent from the month prior. Employment scored 120.2 – considered slightly elevated – but not as high as payment-to-income, which scored 124.6.
All said, the highs and lows help balance the L.A. market index to a vigorous and stable grade, the report shows.
