The newly updated Multi-Indicator Market Index® (MiMi®) shows the U.S. housing market continuing to stabilize after a slight stumble last month. MiMi is showing positive trends heading into the spring homebuying season. Purchase applications are up 2.2 percent nationally compared to the same time last year. At the metro level, over 60 percent of the market's MiMi tracks are also showing purchase applications up from the same time last year. And in markets like Provo, UT, Lancaster, PA, Austin, TX and Riverside, CA we're seeing double digit percent increases. In fact, twenty-two markets overall, are posting double-digit percentage increases in purchase applications compared to last year.
Top performing markets this month:
The national MiMi value stands at 74.7, indicating a weak housing market overall and showing a slight improvement (+0.65%) from January to February and a three-month improvement of (+0.30%). On a year-over-year basis, the national MiMi value has improved (+3.53%). The nation's all-time MiMi high of 121.7 was April 2006; its low was 57.4 in October 2010, when the housing market was at its weakest. Since that time, the national MiMi value has made a 31 percent rebound.
- Fourteen of the 50 states plus the District of Columbia have MiMi values in a stable range, with North Dakota (95.7), the District of Columbia (94.8), Hawaii (90.7), Montana (89.2), and Wyoming (85.7) ranking in the top five.
- Eighteen of the 100 metro areas have MiMi values in a stable range, with Honolulu (91.8), Fresno (90.0), Austin (87.4), McAllen, TX (85.9), and Los Angeles (85.5) ranking in the top five.
- The most improving states month-over-month were Oregon (+2.19%), Michigan (+1.71%), Florida (+1.52%), California (+1.35%) and Kentucky (+1.19%). On a year-over-year basis, the most improving states were Nevada (+11.40%), Colorado (+9.60%), Florida (9.14%), Oregon (+8.31%), and Rhode Island (+7.97%).
- The most improving metro areas month-over-month were Detroit (+2.49), Fresno (+2.16%), Portland (+2.09%), New Orleans (+1.69%) and Milwaukee (+1.67%). On a year-over-year basis, the most improving metro areas were Stockton (+14.15%), Las Vegas (+12.28%), Denver (+11.62%), Palm Bay, FL (+11.11%), and Detroit (+10.94%).
- In February, 23 of the 50 states and 64 of the 100 metros were showing an improving three month trend. The same time last year, 46 states plus the District of Columbia, and 92 of the top 100 metro areas were showing an improving three month trend.
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