When someone makes a statement where they utter the phrase “99 times out of 100…” it is usually a bit hyperbolic and meant to drive home whatever point is being made. But there is no hyperbole when it comes to the fact that 99 out of the top 100 housing metros experienced year-over-year improvement.
Freddie Mac has recently released its Multi-Indicator Market Index (MiMi), which currently sits at 84.1. Nationally, the MiMi value has improved 7.37 percent on a year-over-year basis. While the national MiMi is still far off from its high of 121.7, it has improved 42 percent since it hit an all-time low in 2010.
Of the 50 U.S. states plus the District of Columbia, 36 have MiMi values within range of their benchmark averages. Mississippi (+1.29 percent), Tennessee (+1.27 percent), Massachusetts (+1.15 percent), Florida (+0.98 percent), and Nebraska (+0.97 percent) improved the most month-over-month. Florida (+15.34 percent), Colorado (+14.73 percent), and Nevada (+14.62 percent) improved the most on a year-by-year basis.
While many states’ markets are still below their historic benchmarks, the improvement is certainly good news.
"Seven years into the recovery from the Great Recession most of the nation's housing markets remain below their historical benchmarks, but continue to grind higher month-by-month,” says Len Kiefer, Freddie Mac Deputy Chief Economist.