Freddie Mac: U.S. Housing Market Holding Steady

Freddie Mac, McLean, Va., said its Multi-Indicator Market Index held steady in July as South Carolina and two additional metro areas reached new levels of housing activity.

The national MiMi value stood at 85, largely unchanged from last month, indicating a housing market that’s on the outer range of its historic benchmark level of housing activity, with a 0.08 percent improvement from May to June and a three-month improvement of 1.37 percent. On a year-over-year basis, the national MiMi value improved by 5.76 percent. Since its record low in October 2010, the national MiMi has rebounded 42 percent, but remains significantly off from its high of 121.7.

“Low mortgage rates and consistent job gains are helping to bolster homebuyer demand, which is reflected in the MiMi purchase applications indicator,” said Freddie Mac Deputy Chief Economist Len Kiefer.

Other report highlights:
–Thirty-eight states plus the District of Columbia have MiMi values within range of their benchmark averages, with Utah (97), Hawaii (96.9), Oregon (96.9), Montana (96.8) and Colorado (96.3) ranking in the top five with scores closest to their historical benchmark index levels of 100.
–Seventy-seven of the 100 metro areas have MiMi values within range, with Los Angeles (99.8), Salt Lake City (100.4), Honolulu (98.9), Portland, Ore. (98.2) and Provo, Utah (98.2), ranking in the top five.
–Most improved states month over month were North Carolina (0.91%), District of Columbia (0.86%), Louisiana (0.78%), Georgia (0.77%), and South Carolina (0.76%). On a year-over-year basis, the most improved states were Oregon (12.28%), Colorado (11.59%), Florida (11.02%), Tennessee (10.37%) and New Jersey (10.31%).
–Most improved metro areas month over month were Charlotte, N.C. (1.70%), Albany, N.Y. (1.53%), Syracuse, N.Y. (1.49%), Buffalo, N.Y. (1.43%) and Columbia, S.C. (1.39%). On a year-over-year basis, most improved metro areas were Orlando (16.85%), Denver (14.02%), Tampa, Fla. (13.98%), Chattanooga, Tenn. (13.78%) and Dallas (13.77%).
–Forty-two states and 84 of the top 100 metros had an improving three-month trend. The same time last year, 49 of the 50 states, and all of the top 100 metro areas, plus the District of Columbia were showing an improving three-month trend.