Housing Market Stronger Than It’s Been In Years

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According to Freddie Mac’s Multi-Indicator Market Index, local housing markets across the country are stronger than they’ve been in years. In fact, the index – which tracks home purchase application data, payment-to-income ratios, proportion of on-time mortgage payments, and the local employment picture in all 50 states – is higher than it’s been at any time since 2008. “Housing markets are the strongest they’ve been in years with the National MiMi above 80 for the first time since 2008,” Freddie Mac’s deputy chief economist, Len Kiefer, said. “Nationally, all MiMi indicators are heading in the right direction. Robust homebuyer demand has put total home sales on pace for the best year since 2007 and look for that trend to continue as the MiMi purchase applications indicator remains on the upswing.” According to Kiefer, the West has been particularly strong lately, with many markets posting double-digit growth in purchase applications compared to last year. This month’s results show 28 of 50 states and 42 of the top 100 metros have returned to their long-term stable range. More here.

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