Year-over-year the housing market is improving despite recording a slight drop month-over-month from July to August, the Freddie Mac Multi-Indicator Market Index revealed.
The national MiMi came in at 73.3, indicating a weak housing market overall and showing a slight decline (-0.19%) from June to July and a 3-month decline of (-0.47%).
(Source Freddie Mac: click to enlarge)
The nation's all-time MiMi high of 121.9 was June 2008; its low was 59.8 in September, 2011, when the housing market was at its weakest.
"The good news from MiMi this month is the improvement across more markets and not just the large markets like Los Angeles and New York which receive so much of the attention,” said Freddie Mac Deputy Chief Economist Len Kiefer.
“In fact, we're beginning to see better signs on the purchase applications front in general," Kiefer said.
"For example, the decline in the three month purchase application trend is slowing and in markets like Kansas City, Birmingham and Nashville it's actually showing a positive trend for purchase application,” he added.
Click the next page to see what metros areas made the top 5.
5. Chicago (+0.79%)
Of the four MiMi indicators for Chicago, one is in range and three are weak largely helped by the 10.67% increase in the employment indicators over the past three months.
“We are seeing a market that provides a lot of opportunity for sellers,” said Jim Kinney, president of the Illinois Association of Realtors in the association’s latest home report. “The time it takes to sell a house has dropped dramatically since the beginning of the year, and prices have consistently beaten previous-year levels through the first nine months of 2014.”
(Source Freddie Mac: click to enlarge)
4. Denver (+0.82%)
Denver is up 51.2% from its all-time low of 49 reached in November 2010, with most of the improvement this time from a 6.87% increase in the employment indicator over the past three months. Of the top 50 metros, Denver ranks 17th increasing three spots from last month and increasing eight spots from one year ago.
According to an article in the Denver Post, metro Denver's housing market started to cool in September, following typical seasonal pattern.
3. Kansas City (+0.90%)
Kansas City is improving largely due to the 4.99% increase in the Employment indicator over the past three months. Plus, the city ranks 34th in the top 50 metros.
And housing isn’t the only thing the city is winning at right now. Although they made it to the World Series, the title of World Series Champions is still up for grabs.
2. Detroit (+0.95%)
Detroit still has a ways to recover, with all 4 indicators labeled as weak. Among the top 50, Detroit ranks 43rd unchanged from last month and unchanged from last year. However, the city is 74% above it’s all-time low of 36.6 reached in November 2009.
Maybe this house that was offered in exchange for an iPhone 6 had something to do with the city’s recent improvement.
1. Las Vegas (+1.03%)
Although it holds the title of the most improved metro, Las Vegas ranks 50th among the top 50 metros. But this is up 96.4% from it’s all-time low of 25 reached in November 2010.
Sin City was also just home to the most recent Mortgage Bankers Association annual convention and expo this week. In case you missed it, here’s one article that sums up the atmosphere and another that sums up some of the biggest news.
