December 30, 2015

U.S. Housing Market Posts Strong Improvement

U.S. Housing Market Posts Strong Improvement

MiMi sees the best housing improvement since last summer

The Multi-Indicator Market Index® (MiMi®) shows the U.S. housing market continues to improve with two additional states – New York and Kansas – entering their outer range of stable housing activity, as well as three more metro areas: New York, New York; Minneapolis, Minnesota; and Palm Bay, Florida.

The national MiMi value stands at 81.9, indicating a housing market that is on its outer range of stable housing activity.  Compared to the same time last year, the national MiMi value has improved 6.31 percent – the best improvement we've seen in the MiMi since July 2014.

While strong home purchase applications and rising home values in some markets are contributing to this improvement, it's largely more of a reflection of mortgage delinquencies continuing to decline at a steady pace, especially in those hardest hit markets, and a better employment picture overall.

States in the West are still seeing some of the strongest housing activity and, among those, Utah really stands out. Not only do many of the state's local housing markets such as Salt Lake City, Provo and Ogden have strong buyer demand but they're also still largely affordable for the typical family looking for a median priced home. This is due to the state's robust economy and better than average job creation.

The top 5 most improving metro markets in MiMi this month include:

  1. Allentown, PA
  2. Tampa, FL
  3. Cleveland, OH
  4. Palm Bay, FL
  5. Las Vegas, NV

The top 5 most improving state housing markets include:

  1. New York
  2. New Jersey
  3. Florida
  4. Nevada
  5. Oregon

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