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)

Nation

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.