Freddie Mac: "The housing market is largely flat"
Less than half of market improving
The March housing market is largely flat compared to the prior month, especially when compared to a year ago, according to Freddie Mac’s Multi-Indicator Market Index.
But the markets that are witnessing significant improvement or experiencing a stable range of housing activity are benefiting from the energy boom taking place along the country’s mid-section, Freddie noted.
The national MiMi value stands at -3.06 points, showing a weak housing market overall with only slight improvement from February to March and a 3-month flat trend.
“Less than half of the housing markets MiMi covers are showing an improving trend, whereas at this same time last year more than 90% of these same markets were headed in the right direction,” Freddie Mac chief economist Frank Nothaft said.
“We’re hopeful that many of these markets that have stalled will start moving again now that mortgage rates have eased over the past month and the spring home buying season is upon us,” he added.
However, there is good news, on a year-over-year basis, the housing market has improved by .66 points.
This is compared to the nation’s all-time MiMi low of -4.49 in November 2010 when the housing market was at its weakest.