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January 27, 2016

U.S. Housing Market Continues to Show Strong Improvement

Research and Analysis
U.S. Housing Market Continues to Show Strong Improvement

We saw another strong year-over-year improvement at 7.23 percent in this month's MiMi, the best 12-month showing in a year. The regional variation of housing activity continues to become more pronounced. For example, we're still seeing declines in oil-dependent housing markets, whereas the hardest hit metros from the Great Recession continue to see some of the best improvement as they recover. And at the same time, other markets are seeing even stronger improvement because of robust home sales fueled by strong local economies that remain largely affordable for the typical homebuyer. And in the short-term, we expect homebuyer affordability to remain strong with mortgage rates continuing to look very attractive to prospective homebuyers.

Overall, the latest release of MiMi shows the U.S. housing market continues to improve with one additional state-Missouri-entering its outer range of stable housing activity, as well as four more metro areas: Rochester, NY; St. Louis, MO; Birmingham, AL; and Milwaukee, WI.

MiMi now shows 33 of the 50 states plus the District of Columbia in a stable range. Compared to the same time last year, 21 states and the District of Columbia had MiMi values in a stable range. And 57 of the top 100 metro areas have MiMi values in a stable range, compared to 28 from the same time last year.

The national MiMi value stands at 82.5, indicating a housing market that is on its outer range of stable housing activity, while showing an improvement of +0.82 percent from October to November and a three-month improvement of +2.09 percent. On a year-over-year basis, the national MiMi value has improved +7.23 percent. Since its all-time low in October 2010, the national MiMi has rebounded 39 percent, but remains significantly off from its high reading of 121.7. 

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

  1. Orlando, FL
  2. Denver, CO
  3. Portland, OR
  4. Albany, NY
  5. Phoenix, AZ

The top 5 most improving state housing markets include:

  1. Oregon
  2. Colorado
  3. Nevada
  4. Florida
  5. Main

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