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.
Miami’s MiMi score of 91.9 is unchanged from May and considered healthy by Freddie Mac, and it’s up 2 percent over the three-month period prior to June. On an annual scale, Miami’s score increased 10.06 percent.
Purchase applications in Miami scored low, at 68.8, but boosted 3.3 percent month-over-month. Current-on-mortgage ranked below the healthy range, at 66.3, a 4.47 percent decline from the previous month. Payment-to-income and employment are at a healthy 117.4 and 115.2, respectively.
