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Freddie Mac has released the findings of its monthly Multi-Indicator Market Index (MiMi) today which highlights the stability of the housing market from a national, state, and metro perspective. The results of March’s MiMi findings points to a more stable housing market.
MiMi considers a wide range of variables when gathering data. These variables include payment-to-income ratios, local employment, home purchase applications, and the proportion of current mortgage payments.
On a national level, the U.S. has a MiMi value of 75.4 which is considered weak. Of the four variables measured, employment was the only indicator that was in range for a stable market with a value of 100.9. To be considered in range, a value must reside between 80 and 120. Values above 120 are considered ‘elevated.’
Although the U.S. is experiencing a weak score, this is an improvement of 0.69 percent when compared to last month. Additionally, March’s score represents a 1.24 percent improvement over the past three months.
The top five ranked states that display ‘in range’ markets for stability include (from highest ranking): North Dakota; District of Columbia; Hawaii; Montana; and Wyoming.
The top five ranked metros, from highest ranking are the following: Honolulu; Fresno; Austin; Los Angeles; McAllen, Texas; and San Jose.
“The nation’s housing markets are getting back on track. Better employment prospects, rising home values and increased purchase activity are all driving improvements in housing markets across the country,” said Freddie Mac Deputy Chief Economist Len Kiefer.
To view the full MiMi, click here.